Feeds

Oracle's Ellison donating $122m to charities and attorneys

Dot-bomb fallout

Next gen security for virtualised datacentres

Uber-loaded chief executive Larry Ellison is reportedly paying $122m to settle an insider trading case, brought following a drop in Oracle's stock price in 2001.

Oracle's chief executive has agreed to pay $100m to charities and a further $22m to attorneys who prosecuted Ellison for alleged stock trading abuses.

The civil case was brought by attorneys on behalf of company shareholders after Ellison earned $900m selling shares in the company just before the stock price tumbled 51 per cent in 2001. Like many tech companies, Oracle was a victim of the deflating dot-com bubble.

Ellison, the world's ninth richest person worth $18.4bn, denied any wrongdoing and tentatively agreed to settle the suite in September. However, Ellison was unwilling to pay the attorney's fees in case it indicated acceptance of wrongdoing, and the deal was re-negotiated.

US trial judge John Schwartz declined to pass the costs onto Oracle's shareholders, and Ellison agreed to the $22m payment to avoid the distraction and risk of going to court. The fees will be divided between 13 law firms, although Ellison has three months to nominate the recipient charities and five years to pay.

Oracle was unavailable for comment.®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.