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WEST PALM BEACH, Fla. (AP) - Financier Ronald Perelman's case against Morgan Stanley took on the form of a business class Monday as the court heard a professor explain financial terms and jargon.
Perelman, chairman of cosmetics giant Revlon Inc., is suing Morgan Stanley for some $2.7 billion in damages. The lawsuit alleges the investment bank knew of accounting irregularities at its client, appliance maker Sunbeam Corp., but concealed these in order to effect an acquisition of Perelman's stake in camping-equipment company Coleman Inc.
Perelman sold his 82 percent stake in Coleman to Sunbeam in 1998 for $1.5 billion including $680 million in stock. Shortly afterward, problems at Sunbeam were exposed and the value of Perelman's investment plummeted. Sunbeam sought bankruptcy protection in 2001. Sunbeam is now a unit of Jarden Corp. of Rye, N.Y.,
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