A Florida jury began hearing arguments this week in billionaire Ron Perelman's lawsuit against Morgan Stanley, which he accuses of covering up the failing finances of Sunbeam in a 1998 deal with the company. Perelman, the Revlon cosmetics chief, is suing the Wall Street firm to recoup $680 million in losses, plus up to $2 billion in damages. A Morgan Stanley attorney said Perelman's advisers warned him to stay away from Sunbeam, "but he ignored them. He made his own decision."
Jury Hears Arguments in Financier's Suit Against Morgan Stanley
The Associated Press
April 8, 2005