Florida’s 4th District Court of Appeal threw out one of the largest verdicts in U.S. history Wednesday when it overturned a $1.58 billion judgment against financial behemoth Morgan Stanley.

The 2-1 decision in Morgan Stanley & Co. Inc. v. Coleman (Parent) Holdings Inc. tossed both the $604.3 million economic damages award and the $850 million punitive award handed down by a Palm Beach, Fla., Circuit Court jury. The conspiracy and fraud case was brought by billionaire financier Ronald O. Perelman.

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