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NY jury rules against Revlon billionaire Perelman, finding he owes former close friend $16M
NEW YORK (AP) ' A New York jury has ruled the company through which billionaire Ronald Perelman accumulated much of his wealth must pay his former longtime friend and right-hand dealmaking executive $16 million.
The jury announced its verdict Friday, ending a four-day trial. Attorney Donald Drapkin was awarded the money his lawyers had argued he was owed after he left MacAndrews & Forbes, which owns the Revlon beauty products company.
Drapkin said Perelman had promised him the money when he left the firm in May 2007 but then reneged. The company accused Drapkin of violating their contract. The jury found otherwise.
Perelman didn't testify at the trial. His lawyer hasn't returned a message seeking comment.
The trial was unusual because it involved a relatively small amount of money given the net worths of the former best friends.