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Genentech Announces Decision in Contract Dispute.
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Business Wire
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April 24, 2008
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Copyright informationCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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-- 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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