Lucas Bagnell Varga LLC Secures $17.4 Million Award For Former Applied
SOUTHPORT, Conn., Dec. 6, 2012
SOUTHPORT, Conn., Dec. 6, 2012 /PRNewswire/ -- A three-member panel of the
American Abritration 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 Bagnell Varga LLC in Southport,
Connecticut. Life Technologies was represented by DLA Piper.
SOURCE Lucas Bagnell Varga LLC
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