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STATE v. MORGAN STANLEY & CO., INC.

No. 22358.

459 S.E.2d 906 (1995)

194 W.Va. 163

STATE of West Virginia, Plaintiff Below, Appellee, v. MORGAN STANLEY & CO., INCORPORATED; Salomon Brothers, Inc.; and Goldman, Sachs & Co., Defendants Below, Morgan Stanley & Co., Incorporated, Defendant Below, Appellant.

Supreme Court of Appeals of West Virginia.

Decided June 5, 1995.

Attorney(s) appearing for the Case

Mary Wolff, Wolff Ardis, Memphis, TN, Rudolph L. DiTrapano, DiTrapano & Jackson, Charleston, Silas B. Taylor, Asst. Atty. Gen., Charleston, for appellee.

Robert B. King, George G. Guthrie, King, Allen & Arnold, Charleston, Stephen G. Jory, Jory & Smith, Elkins, James W.B. Benkard, Davis Polk & Wardwell, New York City, for appellant.

NEELY, Senior Justice:

La vittoria trova cento padri, e nessuno vuole riconoscere l'insuccesso.1

The issues before us today are whether a summary judgment for roughly $52 million entered against Morgan Stanley & Co., the New York securities dealer, in favor of the State of West Virginia was proper, and whether a jury properly returned a $4.9 million verdict against Morgan Stanley for constructive fraud. We find neither...

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