Perelman Still Sticking It to Morgan Stanley
As if sticking it to Morgan Stanley to the tune of $1.57 billion last May weren’t enough, billionair financier Ronald Perelman plans wants to get the white shoe investment bank for criminal contempt as well. Legal experts say it’s just a ploy to strengthen his hand in potential settlement discussions; they also say that the judge may decide that Morgan Stanley has already taken it on the chin enough for their failure to advise Mr. Perelman of accounting problems at Sunbeam during the period he was acquiring the appliance maker. While the maximum fine the firm would face on the criminal contempt charges is $500, a guilty verdict could open up a pandora’s box of regulatory inquiries. And we know how much Wall Street firms like those.
Perelman to Press Morgan Stanley [Wall Street Journal]
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