Feeds

Larry Ellison hands back $575m from Oracle's Pillar slurp

CEO settles case over alleged conflict of interest

Website security in corporate America

Oracle chief exec Larry Ellison has agreed to waive a potential payout of $575m to clear up accusations of a conflict of interest over Oracle's acquisition of Pillar Data Systems, a company Ellison owned.

Ellison agreed to hand back over 95 per cent of an "earn-out" payday he got when Oracle slurped Pillar in 2011, after two pension funds claimed in court that the company's directors had used its funds to bail Ellison out of a "horrible investment" in Pillar.

They accused Oracle of violating its duties to shareholders by buying the data storage firm, according to court documents seen by Bloomberg and Reuters.

Ellison owned 55 per cent of Pillar and was due to be paid for his share of the firm in an agreement based on Pillar's performance over the next three years. Oracle argued that the deal was structured like this specifically to ensure that Ellison didn't benefit improperly from the acquisition.

But the company said it had decided to settle out of court "after weighing the costs and uncertainties of continued litigation against the benefits of the settlement".

The settlement comes just a day after the company was forced to defend Ellison's pay cheque at Oracle against criticism from CtW Investment Group, which represents pension funds. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.