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Judge adds $130M to verdict against Morgan Stanley

[JURIST] A judge has added $130 million to the $1.45 billion verdict against Morgan Stanley [corporate website] a jury awarded last month [JURIST report] to billionaire financier and Revlon Inc. chairman Ron Perelman. The judge took off about $84.5 million because of previous settlements, but added more than $208 million in interest. Perelman attorney, Jack Scarola said he believed a settlement was possible because more than $300,000 in interest accrues every day. Morgan Stanley spokesman Andrew Walton reiterated the company's previous statement [press release] that it will appeal the verdict. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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