A federal jury has awarded $125 million in damages to OSI Systems Inc., a Southern California company, ruling that a dispute with L-3 Communications Inc. caused it to lose substantial business after the Sept. 11, 2001, terrorist attacks.
The jury in U.S. District Court in Manhattan awarded OSI Systems $33 million in compensatory damages and $92.6 million in punitive damages, finding that L-3 Communications engaged in malice, oppression or intentional fraud. The case relates to deals when the two companies sought to acquire a third company, Perkin Elmer Security Detection Systems, in 2002.
In a release, L-3 Communications said it "believes this verdict and the damages awarded are inconsistent with the law and evidence presented. The company intends to move to have the verdict set aside and, if necessary, to appeal."
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