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Reports that Morgan Stanley must pay billionaire financier Ronald Perelman $1.45 billion in punitive and actual damages after a Florida state-court jury ruled that Morgan Stanley had behaved improperly when Perelman sold one of his companies to Sunbeam Corporation. Background on the civil lawsuit and total damages awarded to Perelman; Background on Perelman, chairman of cosmetics giant Revlon Inc. and legendary corporate raider; Focus on a number of senior executives at Morgan Stanley; Views of analysts; How the large verdict award comes at an awkward time for Philip Purcell, chief executive of Morgan Stanley, who has been facing a group of former executives who seek his ouster; Role of Judge Elizabeth Maass.

Focuses on potential litigation and liability facing International Flavors & Fragrances Inc. (IFF) after a $20 million civil judgment against the company. Details of the case against IFF, in which workers are charging the company's butter-flavoring mixture caused damage to their lungs; Number of workers at a popcorn factory in Marion (Ohio) that have sued IFF citing similar charges; Reaction from IFF to the decision, suggesting it provides buyers of its product safe-handling instructions; View of legal experts regarding the awarding of actual damages; Assessment of IFF, suggesting it is not big enough to survive verdicts like this without material damage.

Focuses on the insurance payouts related to the September 11, 2001 terrorist attacks. Details of a fax sent by Silverstein Properties Inc.'s risk manager, Robert Strachan, to a lawyer at a government agency, which may limit the payout to the firm, which lost four workers in the terrorist attacks; Scribbled notes made by Strachan, suggesting Silverstein may not get what they are looking for in compensation damages; Claims made by Larry Silverstein regarding the attacks being two separate occurrences; Speculation about Silverstein's future role in the rebuilding of Ground Zero based on the outcome of his case; Discussion of the insurance trial involving Silverstein Properties and Swiss Reinsurance Co.