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Biotechnology Business
Genentech Announces Decision in Contract Dispute
May 10th, 2008
Genentech, Inc. (NYSE:DNA) 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 spirit of the contract," said Sean Johnston, Ph.D., Senior Vice President and General Counsel, Genentech. "We are...
Source: Law & Health Weekly (2008-05-10)
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