Oracle CEO agreed to pay a $122 million settlement with shareholders

November 23rd news, Oracle CEO Larry Allison (Larry Ellison) a revision of the settlement agreement has agreed to pay $122 million, Oracle shareholders, shareholders litigation reconciliation. California court judge on Tuesday approved the settlement clause.

According to CNET News.com website reported that this lawsuit is brought out a group of shareholders Oracle in 2001. The lawsuit accused Oracle CEO Allison and the then chief financial officer Jeff Henry (Jeff Henley) in that Oracle will soon report when profit decline in the financial report throws shares.

In September, Allison proposed a settlement of $100 million in charitable donations, but did not admit that he was wrong. However, the judge in California did not approve the proposed settlement, as the court demanded that Oracle pay $24 million in legal fees to cover some of the additional costs of shareholders.

The revised new settlement agreement kept the original donation to the charity of $100 million unchanged, increasing the terms of Allison's payment of $220 thousand in ATTORNEYS' fees. Joseph, the lawyer who filed the lawsuit, said in a statement that it was a requirement for the settlement agreement to be one of the best settlement agreements so far.

The lawyer said that charitable donations is a common practice to resolve this case. In general, the settlement payment should be paid directly by the company, in this case should be paid by oracle. But since Mr Allison owns 1/4 of Oracle, most of the money is paid directly by him.

Under the terms of the settlement, Allison will be based on the approval of the board of directors of the Oracle Corp in the name of the name of the charity to receive donations. Allison had five years to donate the money.

Tabacco said the settlement was "unprecedented", even though it was a fraction of the $17 billion worth of Allison's personal property. Allison recently ranked fifth in the list of the richest Americans in the Forbes magazine.