LegalJun 12, 2026, 05:26 PM
Ameris Bank hit with $79.4M jury verdict in wrongful termination suit
AI Summary
A jury found Ameris Bank liable for $16.525 million in economic and non-economic damages, plus approximately $62.9 million in punitive damages, in a wrongful termination lawsuit filed by former executive Patrick Byrne. The company disagrees with the verdict, believing it is not supported by facts or law, and intends to appeal. Ameris Bancorp is evaluating the financial impact, noting the final resolution could materially affect its operations, financial condition, and liquidity.
Key Highlights
- A jury found Ameris Bank liable for $16.525 million in economic and non-economic damages.
- The jury also awarded approximately $62.9 million in punitive damages against Ameris Bank.
- The lawsuit was filed by Patrick Byrne, former CEO of Ameris Bank's equipment finance division.
- Allegations included wrongful termination, whistleblower protection violations, and breach of contract.
- Ameris Bank disagrees with the verdict and intends to appeal the decision.
- The company is evaluating the potential financial impact and required accruals.
- The final resolution could have a material adverse effect on the company's financials.
Price Impact
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