A Virginia circuit court awarded $5.3 million in damages to the former chief executive and chairman of banking technology vendor Online Resources Corp. in an employment lawsuit he filed against the company.
The Chantilly, Va., company said Friday that a civil jury in the Circuit Court of Fairfax County rejected Matthew Lawlor's claims that the company wrongfully terminated his employment but found in favor of other claims.
Lawlor was seeking $15.9 million in damages from the company, Online Resources said.
"We are very disappointed in this verdict and we intend to aggressively pursue all available avenues to have this verdict overturned or set aside," John Dorman, Online Resources' chairman, said in a press release.
Lawlor retired as CEO of the company in December 2009 after losing a proxy battle with the hedge fund Tennenbaum Capital Partners LLC, which put three people on Online Resources' board.
In the lawsuit he filed in April 2010, Lawlor argued that the company breached his contract under two stock option plans, breached an implied employment agreement and other claims, according to Online Resources' annual report.
In its press release, Online Resources said it is postponing its first-quarter earnings release to May 10 from May 4 to give it time to determine its potential liability costs. The company provided preliminary results for the quarter, including $39.3 million in revenue, which is above previously guidance it gave.
Online Resources' shares rose 1.8% in after-hours trading on Friday to $3.89.
