Ameris Bancorp is facing a potentially material legal setback after a federal jury in California awarded nearly $80 million in damages to a former executive who sued the Atlanta company over his termination.
Ameris disclosed in a regulatory filing that Patrick Byrne filed a complaint on September 2024 against its bank in the U.S. District Court for the Central District of California, alleging wrongful termination, violations of whistleblower protection laws, nonpayment of wages and related penalties, and breach of contract.
Byrne was CEO of the bank’s equipment finance division from December 2021 to June 2024.
A jury trial took place between June 1 and June 12, after which the jury returned a verdict in Byrne’s favor. The jury found Ameris liable for $16.525 million in economic and non-economic damages, along with associated statutory penalties, and about $62.9 million in punitive damages.
Ameris said it disagrees with the verdict and believes it is not supported by the facts or applicable law. The company said it intends to appeal the verdict. The company is evaluating the verdict’s potential effect, including whether it must record an accrual for financial reporting purposes.