Judge: Billionaire Ronald Perelman's fraud claim against NYC art dealer can go forward

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NEW YORK, N.Y. - A judge has ruled that billionaire Ronald Perelman's fraud claim against a top New York City art dealer can go forward.

The Revlon mogul and Larry Gagosian (gah-GOH'-zee-ahn) filed dueling lawsuits in Manhattan State Supreme Court in September 2012.

Gagosian claimed Perelman refused to pay the agreed upon price for artworks he ordered. He said Perelman instead insisted his gallery accept other artworks in Perelman's collection as payment.

Perelman's lawsuit accused Gagosian of inflating the price on two artworks.

The gallery later dropped its suit and asked the court to throw out Perelman's complaint.

The judge on Monday ordered Gagosian to face the single fraud claim. But she dismissed four other charges against him, including breach of contract.

Gagosian's lawyer said he was confident the other claims would be dismissed.

Organizations: Revlon

Geographic location: New York City, NEW YORK, N.Y.

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