The jury in the Morgan Stanley-Ron Perelman case has awarded Perelman $850 million in punitive damages. When combined with the $604 million awarded earlier, Morgan Stanley is looking at a bill of almost $1.5 billion due to their arrogance and technical incompetence.
Of course, they will appeal. Who knows how that will turn out? Even if they win on appeal, the PR blotch on Morgan Stanley's reputation is probably worth more than $1.5 billion and is certainly fodder for the group trying to oust Purcell as CEO of the firm.
1 comment:
This Morgan-Stanley thing worries me. I have a British MS credit card with an overpayment of .15p on it from three years ago. Every month I receive a statement showing it as credit. If they go under I may never get my .15p back!
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