Perelman Awarded $604.3 Million in Coleman v. Morgan Stanley

A Florida jury awarded these damages in connection with Morgan Stanley helping Sunbeam to falsely inflate its finances. An award for punitive damages is still expected. Morgan Stanley said it would appeal, and additional discussions with a mediator are planned.

Judge Maas had instructed the jury to assume that Morgan Stanley helped Sunbeam inflate its earnings, so Perelman only had to establish detrimental reliance. This instruction had been issued because Morgan Stanley failed to produce email.

More detail can be found here on Bloomberg’s news site.

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