Top Calif. court upholds $300 mln Genentech settlement

SAN FRANCISCO, April 24 (Reuters) - The California Supreme Court upheld a $300 million breach of contract award against Genentech (DNA.N: Quote, Profile, Research) on Thursday, but set aside a punitive damage award of an additional $200 million.

"We affirm that part of the judgment awarding City of Hope $300,164,030 in damages for Genentech's breach of contract," the Supreme Court ruled.

"Because punitive damages cannot be awarded for breaching a contract, however, our conclusion that there was no fiduciary relationship requires us to set aside the jury's award of $200 million in punitive damages to City of Hope."