Morgan Stanley was hit with a daunting legal blow yesterday as Florida jury awarded $604 million in damages to the financier Ronald O. Perelman, who contended the investement bank defrauded him in a 1998 deal, reported New York Times.
The verdict gave a blog to the bank who are still struggling to overcome a punishing campaign to unseat its President, Philip J. Purcell.
Purcell, who is now attending the 2005 Forbes Forum in Beijing, will be bothered by the failure of the suit, especially the damages of more than 600 million, which far exceeded what the company prepared for the suit.
Will Vice Premier Huang ju, who met Mr. Purcell yesterday, comfort him on that?
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