The Florida appellate ruling that tossed the $1.58 billion verdict won by financier Ronald O. Perelman against Morgan Stanley could have a major impact on similar fraud cases. Observers say the case could force plaintiffs lawyers to present more careful valuation evidence, make companies more conscientious about production of discovery and affect Florida law on punitive damages. Moreover, trial judges might feel less nervous about imposing harsh sanctions on defendants for discovery abuses.
March 28, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The appellate ruling that tossed the $1.58 billion verdict for billionaire financier Ronald O. Perelman could have a major effect on similar business- and securities-fraud cases in Florida.
Observers say the case could force plaintiffs lawyers to present more careful valuation evidence, make companies more conscientious about producing all e-mails and other requested discovery and affect Florida law on whether punitive damages are allowed even without compensatory damages.
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