A California federal jury just found Bio-Rad liable for wrongful discharge in violation of public policy under the whistleblower protection provisions of the Sarbanes-Oxley Act for termination of its General Counsel, Sanford Wadler.
The jury awarded approximately $3 million in compensatory damages and $5 million in punitive damages for the claim for “wrongful termination in violation of public policy claim with malice, oppression or fraud.”
It would appear to be a slap at Bio-Rad’s internal controls as well as Bio-Rad’s outside counsel, Davis Polk and Steptoe & Johnson, who unsuccessfully attempted to discredit Wadler. Litigation boutique Quinn Emanuel represented Bio-Rad in the painful loss.
You can see the jury verdict form here.
Public Company Litigation 