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Online Resources announces verdict in former CEOs suit
CHANTILLY, Va. (5/3/11)--A civil court jury in Fairfax County, Va., has awarded former Online Resources Corp. Chairman/CEO Matthew P. Lawlor $5.3 million in damages in a wrongful termination lawsuit against the company. The jury rejected his claim that he had been wrongfully terminated but found in his favor on other claims. Lawlor had sought $15.9 million in damages plus pre-judgement interest from the date of his separation in February 2010 from the Chantilly, Va., based Online Resources Corp. Online Resources provides Internet banking and bill payment services for credit unions. The verdict was announced on April 22 in the Circuit Court of Fairfax County, Va., said a press release from Online Resources. A deadline has not been set yet for the argument of post-trial motions or an appeal by the company. "We are very disappointed in this verdict and we intend to aggressively pursue all available avenues to have this verdict overturned or set aside," said John C. Dorman, chairman of Online Resources' board of directors. The company said it would reserve for and disclose the potential liability in its first quarter financial statements and public filings. To give the company time to prepare and review the information, it is postponing its first quarter earnings release to May 10. However, it said revenue for first quarter is expected to be about $39.3 million. Before considering any reserve it may take for potential legal liability, its adjusted Ebitda and Ebitda are expected to be about $6.2 million and $5.4 million. Management will conduct a conference call on first quarter results at 5 p.m. ET on May 10. The conference dial-in number is 877-303-6496 for domestic participants. A live webcast of the call will be available in the "investors" section of the company's website at www.orcc.com.


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