NJ Biotech Co. Can't Dodge Former CFO's Exit Package

Law360, New York (March 4, 2014, 3:27 PM EST) -- A New Jersey appellate panel on Tuesday ordered Proteonomix Inc. to pay its former chief financial officer a $225,000 exit package, ruling the employee’s alleged misrepresentations to the biotechnology company about his qualifications did not constitute fraud.

A two-judge panel on the Superior Court of New Jersey, Appellate Division, ruled against Proteonomix, which sought to withhold the $225,000 payment from its former CFO, Robert Kohn, on the grounds that Kohn misrepresented his ability to do the job, thereby fraudulently inducing the company’s agreement to the separation package....
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