Ellison Settles Suit by Donating to Charity
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From Bloomberg News
Oracle Corp. founder Larry Ellison has agreed to settle a shareholder lawsuit in California for a $100-million payment to charity, says Joseph Tabacco, a lawyer for shareholders in the case.
The settlement of the lawsuit requires approval from a California Superior Court judge and Oracle’s board, Tabacco said. The suit claimed that Ellison improperly sold $900 million of Oracle stock in 2002, days before the company reported that earnings had missed forecasts, sending share prices down 8.7%.
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