OSI Awarded $125 Million in Judgement Against L-3

Hawthorne, CA- A US District court jury has awarded OSI Systems $125.6 million in damages in its case against L-3 Communications. The jury awarded $33 million in compensatory damages and $92.6 million in punitive damages, finding that L-3 breached its fiduciary duty and committed fraud against OSI. The suit stems from L-3’s 2002 purchase of PerkinElmer’s Detection Systems business and a letter of intent OSI signed with L-3 to purchase certain assets of the business. L-3 stated it will move to have the verdict set aside and plans to appeal.

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