Online Resources Reports Verdict In Dispute With Former CEO

Online Resources Corporation (NASDAQ: ORCC) announced Friday that on April 22, 2011, a civil jury in the Circuit Court of Fairfax County, Virginia returned a verdict in the employment-related lawsuit filed against the Company by its former Chairman and Chief Executive Officer, Matthew P. Lawlor.

The jury rejected Mr. Lawlor’s claim that he had been wrongfully terminated but found in his favor on other claims. Mr. Lawlor was awarded $5.3 million of the $15.9 million in damages he had sought plus pre-judgment interest from the date of his February 2010 separation from the Company.

As the court has yet to issue a final order in this case to allow for the argument of post-trial motions, including motions to set aside the jury verdict, there is not yet a deadline by which the Company must file an appeal. If some or all of this verdict is ultimately upheld, Mr. Lawlor may be able to recover a portion of his legal fees.

“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 the Online Resources Board of Directors.

Online Resources specializes in powering financial interactions between millions of consumers and the company’s financial institution and biller clients. Backed by its proprietary payments gateway that links banks directly with billers, the company provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, Online Resources has been recognized for its high growth and product innovation.