Three appellant judges declared the award was not legally justified.
The former employees were declared redundant in December 2010.
But as they left their jobs, they questioned the manner in which the computation of their final dues was conducted.
At least 105 former Barclays Bank of Kenya employees were dealt a severe blow after the Court of Appeal reversed a High Court decision to award them Sh600 million following their sacking a decade ago.
Ms Agnes Wachu Wamae and 104 others were waiting for the appellate court decision with bated breath until it became clear the award had been struck out.