Yani aslında bütün bu seçimler, politikacılar,..vs basının sizi inandırmaya çalıştığı kadar önemli değil.
Morgan Stanley 19.yüzyılda bir Amerikalı nın kurduğu bir şirket . Büyüyor, büyüyor ve büyüyor... Google ı da satın alıyor. (Bunu ben de bilmiyordum.) Türkiye de de yatırımları var. Aşağıda bu şirketin kazandığı bir davadan bahsediliyor.
Haber:
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Morgan Stanley wins reversal of $1.58 bln award
Wed Mar 21, 2007 2:49 PM ET
By Jonathan Stempel
NEW YORK (Reuters) - Morgan Stanley
appeals court threw out a $1.58 billion award to billionaire Ronald Perelman over his 1998 sale of camping
equipment company Coleman Co. to Sunbeam Corp.
Perelman had accused Morgan Stanley of fraud in helping Sunbeam, an appliance maker, hide its shaky finances
while arranging the $1.5 billion Coleman purchase.
A jury had ruled in the financier's favor in May 2005 after trial judge Elizabeth Maass, fed up with Morgan Stanley's
failure to produce e-mails, ordered it to assume that the investment bank and Sunbeam conspired to defraud
Perelman.
Coleman had received 14.1 million Sunbeam shares in the transaction. The stock became worthless after
Sunbeam fired chief executive Al Dunlap and admitted it had inflated sales to prop up earnings. Sunbeam went
bankrupt in February, 2001.
In a 2-1 decision, Florida's Fourth District Court of Appeal in West Palm Beach said Perelman failed to show he
was damaged because he did not demonstrate what Sunbeam shares would have been worth had there been no
fraud.
"Because there was no proof presented at trial on the correct measure of damages, the trial court should have
granted Morgan Stanley's motion for directed verdict," or a decision by the trial judge in its favor, appeals court
Judge Carole Taylor wrote for the majority.
CAVEAT EMPTOR
The Palm Beach County trial jury had awarded Perelman $1.45 billion, including $604 million of compensatory
damages and $850 million of punitive damages. The total rose to $1.58 billion with interest. Perelman had sued for
$2.7 billion.
"To a certain extent, caveat emptor reigns," said James Ellman, president of Seacliff Capital, a San Francisco
hedge fund that owns Morgan Stanley shares. "Courts seem to be saying investment banks' level of due diligence
to protect investors is reasonably lower than many might have thought."
Christine Taylor, a Perelman spokeswoman, called Wednesday's ruling a "temporary setback." She said Perelman
plans to seek a rehearing and if necessary appeal to the Florida Supreme Court.
David Sidwell, Morgan Stanley's chief financial officer, said: "This is clearly a victory." He spoke on a conference
call discussing fiscal first-quarter results.
Perelman's investment vehicle, MacAndrews & Forbes Holdings Inc., controls cosmetics maker Revlon Inc.
billion.
UPHILL FIGHT
Morgan Stanley had faced an uphill fight at trial because it failed to produce e-mails demanded by Perelman
lawyers.
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Frustrated by delays, Maass instructed the jury to consider only whether Perelman had relied on Morgan Stanley's
misstatements, and how much he should recover.
Morgan Stanley had set aside $360 million of reserves for the case, and may be able to free it up. Many analysts
had expected the $1.58 billion award to at least be reduced.
"Investors have largely forgotten about the verdict, but now that they've been reminded, they're glad it isn't an
issue," said Jeffery Harte, an analyst at Sandler O'Neill & Partners LP in Chicago.
Dissenting judge Gary Farmer would have upheld the compensatory damages award and ordered a new trial on
punitive damages.
In February of 2006, Morgan Stanley paid $15 million to resolve a U.S. Securities and Exchange Commission
probe into its failure to retain e-mails.
Morgan Stanley on Wednesday said first-quarter profit from continuing operations rose 60 percent to a record $2.56
billion, or $2.40 per share. Its shares rose $4.71, or 6.2 percent, to $80.82 in afternoon trading.
(Additional reporting by Joseph A. Giannone and Dan Wilchins)
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