Press release article from our research archive:

Genentech Announces Decision in Contract Dispute.

-- California Supreme Court Reverses $200 Million Punitive Damages Award --

SOUTH SAN FRANCISCO, Calif. -- Genentech, Inc. (NYSE:DNA) today announced that the California Supreme Court has overturned the award of $200 million in punitive damages resulting from a contract dispute brought by the City of Hope National Medical Center (COH). The punitive damages were part of a 2004 decision of the California Court of Appeal which upheld a 2002 Los Angeles County Superior Court jury verdict awarding approximately $300 million in compensatory and $200 million in punitive damages to COH.

"Genentech has maintained throughout this process that we have lived up to the letter and ...

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