L'Oreal to pay $1.2 mil. punitive fine for breach of minoxidil/retinoid licensing agreement.
This article was originally published in The Tan Sheet
Executive Summary
MINOXIDIL LAWSUIT JURY AWARDS ALYZAN $1.2 MIL. FOR BREACH OF CONTRACT, anticipatory repudiation of contract, and breach of implied duty of good faith, fair dealing and cooperation with regard to the company's exclusive licensing agreement with L'Oreal for rights to the development, regulatory approval and commercial sale of Alyzan's prescription minoxidil/retinoid compound hair regrowth formulas. Filed in the Manhattan federal court on Oct. 14, 1993 by Alyzan President and CEO Gail Bazzano, who developed the formula, the suit was decided in favor of Alyzan and Bazzano by a jury Oct. 31.
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