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Jury Awards OSI Systems $125M in Suit Against L-3

Photonics.com
May 2006
NEW YORK, May 25, 2005 -- A federal jury found that defense contractor L-3 Communications committed fraud against OSI Systems Inc., a Hawthorne, Calif.-based maker of security and inspection systems, in connection with the purchase of  PerkinElmer Inc.'s security detection systems business in 2002 and awarded OSI $125 million in damages, OSI announced today.

"The jury found that L-3 breached its fiduciary duty to, and committed fraud against, OSI," and awarded OSI $33 million in compensatory damages and $92 million in punitive damages, the OSI statement said. The jury also found that OSI breached a confidentiality agreement it had with L-3 and awarded L-3 one dollar in damages, OSI said.

L-3, with headquarters in New York, provides intelligence, surveillance and reconnaissance systems, communications systems and high technology products, primarily to the US Department of Defense, Department of Homeland Security and other US government agencies. In its statement, also released today, L-3 said it will move to have the verdict set aside and, if necessary, appeal the case.

For more information, visit: www.osi-systems.com or www.l-3com.com



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