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PERELMAN GETS $604.3 MILLION
Matthew McCarrick at Litigation IT Solutions tipped us off to the jury verdict handed down just hours ago, awarding billionaire financier Ron Perelman $604.3 million in compensatory damages. See the story in BusinessWeek here. Morgan Stanley's retail brokerage unit was destroyed in the 9/11 attacks on the World Trade Center, and the company subsequently used this to argue that it couldn't produce certain e-mail evidence in several arbitration cases, regulatory settlements and legal judgements, according to this story.
But an internal review of e-mail retention related to the fraud case Perelman brought against Morgan Stanley revealed that the e-mails were discoverable. Florida state judge Elizabeth Maass told the jury to assume that "Morgan Stanley participated in a "massive fraud" [...] because it failed to search backup tapes and review e-mails dating back to 1998." As McCarrick points out, the case nearly settled for $20 million before the e-mail debacle.
-John Bringardner
Update: Here's McCarrick's take on this. And Lisa Stone's take.
May 16, 2005 | Permalink
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» Backstory on a $604 million verdict: Morgan Stanley's e-mail debacle from Inside Opinions: Legal Blogs
I opened Jill Barton's story this morning to see that Morgan Stanley's attorneys are already swiping at the trial judge, Elizabeth Maass, accusing her of issuing a default verdict. Yesterday, Ron Perelman won $604 million in compensatory damages from the [Read More]
Tracked on May 17, 2005 4:40:46 PM
» Coleman v. Morgan Stanley from Overlawyered
Financier Ronald Perelman wins $604 million, with a request for punitive damages still to come, against Morgan Stanley on claims that the Wall Street firm defrauded him seven years ago when he sold camping equipment... [Read More]
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» Coleman v. Morgan Stanley from Overlawyered
Financier Ronald Perelman wins $604 million, with a request for punitive damages still to come, against Morgan Stanley on claims that the Wall Street firm defrauded him seven years ago when he sold camping equipment... [Read More]
Tracked on Mar 22, 2007 9:49:53 AM
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