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Perelman Wants Morgan Case Reopened

01-07-2009

Ronald Perelman, a financier who controls cosmetics company Revlon, has approached a Florida court to reopen a $1.6 billion case against Morgan Stanley, Bloomberg News reports.

Perelman wants to investigate whether Morgan Stanley’s alleged mishandling of e-mails about the 1998 sale of his camp equipment maker, Coleman, warranted a new trial.

Perelman alleged Morgan Stanley duped him into selling Coleman to Sunbeam for cash, in what turned out to be millions of worthless Sunbeam shares. The financier’s earlier $1.57 billion damage suit against the bank in this regard had been rejected by the court, even as he claimed the bank had hid email evidence of the actual worth of Sunbeam.

For the complete story, click here.

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