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."
April 08, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A jury in West Palm Beach, Fla., 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 Corp. in a 1998 deal with the company.
Perelman, the Revlon cosmetics chief and a former Palm Beach resident, is suing the Wall Street firm to recoup $680 million in losses, plus up to $2 billion in damages. He claims he relied on Morgan Stanley’s word that Sunbeam was a turnaround success.
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