NEW YORK (CNN/Money) - A jury began deliberating Friday on whether to award billionaire financier Ronald Perelman hundreds of millions of dollars from investment banking firm Morgan Stanley & Co., according to a report in the Palm Beach Post.

The Revlon chairman contends that Morgan Stanley (Research) conspired with Sunbeam Corp. in 1998 to defraud a company he controlled, Coleman Holdings Inc., of more than $485 million.

Perelman is seeking to recoup his losses and an additional $2 billion in punitive damages.

Perelman maintains that Morgan Stanley persuaded him to sell Coleman Co., a unit of Coleman Holdings, to Sunbeam and helped Sunbeam conceal its financial problems.

Perelman's attorney Jack Scarola argued that Morgan Stanley and Sunbeam's chief executive officer, Albert Dunlap, had financial motives to commit the fraud, according to the report.

Perelman's lawyers sought to convince jurors that Perelman relied on false statements by either Morgan Stanley or Sunbeam in making the deal and that he sustained financial losses as a result of that information.

The paper said that Morgan Stanley attorney Mark Hansen argued that it was Perelman's responsibility to do his own research before selling Coleman Co. to Sunbeam.

Within days of the transaction becoming final, Sunbeam's financial problems surfaced and its stock plummeted. Sunbeam sought bankruptcy protection and now operates under the name Jarden Consumer Solutions.

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