Oracle's Ellison Pays $122M to Settle Shareholder Suit
An AP newswire article by Michael Liedtke, via USA Today, reports that:
A California judge on Tuesday approved an unusual legal settlement that will require Oracle Corp. CEO Larry Ellison to donate $100 million to charity and pay another $22 million to the attorneys who sued him for alleged stock trading abuses — forcing Ellison to dig deeper into his pockets than he originally wanted.
Barring an appeal, the $122 million settlement approved by San Mateo Superior Court Judge John Schwartz closes the books on a shareholder lawsuit filed nearly four years ago on behalf of Oracle (ORCL), one of the world's largest software makers.
The civil complaint revolves around a $900 million gain Ellison generated by selling some of his Oracle stock shortly before the company's shares plummeted in 2001.
posted by Fergie @ 11/22/2005 04:07:00 PM
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