The judge handling the lawsuit brought by financier Ron Perelman against the Morgan Stanley investment firm added $130 million today to the $1.4 billion the jury already awarded him. Morgan Stanley has been given until July 1 to appeal the verdict.
A Florida jury ruled that the investment firm withheld information about the Sunbeam company's dire financial situation when Perelman paid a fortune to buy Sunbeam stocks in 1998. Shortly after the transaction was finalized, Sunbeam, which has a plant in Neosho, filed for bankruptcy.
Forbes reports Morgan Stanley lawyers as saying they expect they will have the verdict overturned.
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