Lucas and Varga LLC Secures $17.4 Million Award For Former Applied Biosystems Executives
New York Times
A three-member panel of the American Arbitration Association today awarded former executives of Applied Biosystems, Inc., f/k/a Perkin Elmer Corporation, $17.4 million in unpaid change in control benefits from Life Technologies Corporation, one of the world’s largest biotechnology companies (NASDAQ: LIFE). The case was presented to a former federal judge, former state judge and a senior member of the Connecticut Bar over a period of two years.
According to the claim of the executives, the incentive compensation became due from Life Technologies Corporation when it assumed the obligations of the executives’ employment agreements after acquiring Applied Biosystems, Inc. in November 2008. Life Technologies argued the executives were misreading their agreements and were not entitled to continued stock-based benefit awards.
In finding for the executives, the arbitration Panel held the agreements were breached as “the Company made no effort to provide [the claimed benefits], and the Claimants are entitled to them.”
“We are very pleased with the outcome, and are happy our clients will finally receive these sums which they earned and are long overdue,” said Scott Lucas, lead trial counsel for the executives. “Consultants from Citrin Cooperman were instrumental in helping us present our clients’ complex damages claim to the Panel,” added Jeff Bagnell, who handled the damages aspect of the case at trial.
The executives were represented by Lucas and Varga LLC in Southport, Connecticut. Life Technologies was represented by DLA Piper.
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