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Oracle settles Insider Trading lawsuit

Date Class
27th Sep 2005 Questionable Business Practice
A San Mateo Superior Court judge on Monday postponed signing off on an $100 million settlement agreement between Oracle founder Larry Ellison and Oracle shareholders over an insider trading lawsuit.

Instead, Judge Jonathan Schwartz will review the matter on Nov. 15 and issue his decision on whether to accept the agreement hammered out by the parties. According to a report in the Wall Street Journal, Ellison, Oracle's chief executive, agreed to pay $100 million over a five-year period to charities and $22.5 million in attorneys fees to the plaintiffs. Ellison, who faced allegations he engaged in insider trading in 2001, agreed to the settlement without admitting guilt.




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