Securities Law News

Bio-Rad Labs Wins Slashing of $11M Retaliation Award

Feb. 26, 2019, 10:08 PM

Bio-Rad Laboratories Inc. and Chief Executive Officer Norman Schwartz won partial reversal of a jury verdict’s finding they should pay $11 million for retaliating against the company’s former general counsel for reporting alleged bribes to Chinese officials.

The Ninth Circuit ruling, which turned on the interaction between the Foreign Corrupt Practices Act, the Sarbanes-Oxley Act, and the Dodd-Frank Act, slashed nearly $3 million from the verdict and said a new trial might be warranted.

Then-General Counsel Sanford Wadler was fired after he delivered a memorandum to the audit committee of Bio-Rad’s board of directors, saying he believed the company’s employees...

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