Market Overview

Online Resources Reports Verdict in Dispute with Former CEO

Online Resources Corporation (NASDAQ: ORCC) today announced that on April 22, 2011, a civil jury in the Circuit Court of Fairfax County, Virginia returned a verdict in the employment-related lawsuit filed against the Company by its former Chairman and Chief Executive Officer, Matthew P. Lawlor.

The jury rejected Mr. Lawlor's claim that he had been wrongfully terminated but found in his favor on other claims. Mr. Lawlor was awarded $5.3 million of the $15.9 million in damages he had sought plus pre-judgment interest from the date of his February 2010 separation from the Company.

As the court has yet to issue a final order in this case to allow for the argument of post-trial motions, including motions to set aside the jury verdict, there is not yet a deadline by which the Company must file an appeal. If some or all of this verdict is ultimately upheld, Mr. Lawlor may be able to recover a portion of his legal fees.

Posted-In: News Management

 

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