U.S. Bank Owes $17 Million for Firing Executive to Avoid Bonus

A former regional president for U.S. Bank in Sacramento is entitled to more than $17 million in damages based on a jury’s finding that the company wrongfully fired—and later defamed—him so it wouldn’t have to pay out a bonus, a California appeals court held Tuesday.

A California jury awarded Timothy King $24.3 million, including $15.6 million in punitive damages, after it found the U.S. Bank National Association falsely accused King of discriminating against his subordinates based on gender, and making them doctor reports.

The jury also found the desire to deprive King of a substantial bonus was a motivating reason ...