The legal battle stems from a September 2024 complaint in which Byrne alleged the bank violated whistleblower protection laws, breached his employment contract, and failed to pay owed wages. Jurors sided with the plaintiff, awarding $16.5 million in economic and non-economic damages, topped by $62.9 million in punitive damages.
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Ameris Bancorp Challenges $79.4 Million Wrongful Termination Verdict
A jury has ordered Ameris Bank to pay $79.4 million in damages following a wrongful termination lawsuit filed by Balboa Capital founder Patrick Byrne. The verdict, delivered Friday, encompasses significant punitive awards, prompting the parent company to announce an immediate appeal and a review of the judgment's potential financial impact.
Ameris Bancorp disclosed the verdict in a filing with the Securities and Exchange Commission, signaling its intent to vigorously contest the outcome. Management is currently assessing how the massive liability might affect the company’s liquidity and overall financial standing, acknowledging that the final resolution remains uncertain.
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