Morgan Stanley Another black mark

Phil Purcell’s headache just became a migraine. Unlike his most recent public lashings, the beleaguered Morgan Stanley chief’s latest spanking comes from a party with no apparent axe to grind. A Florida jury found the firm defrauded financier Ronald Perelman when he sold his camping gear business, Coleman, to Morgan Stanley’s client Sunbeam for cash and stock that vanished when Sunbeam went belly-up. Morgan Stanley must pay Perelman $604m – and that’s before counting any punitive damages it migh...