Featured Articles

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC has announced that it will begin volume production of 16nm FinFET products in the second half of 2015, in late…

More...
AMD misses earnings targets, announces layoffs

AMD misses earnings targets, announces layoffs

AMD has missed earnings targets and is planning a substantial job cuts. The company reported quarterly earnings yesterday and the street is…

More...
Did Google botch the Nexus 6 and Nexus 9?

Did Google botch the Nexus 6 and Nexus 9?

As expected, Google has finally released the eagerly awaited Nexus 6 phablet and its first 64-bit device, the Nexus 9 tablet.

More...
Gainward GTX 970 Phantom previewed

Gainward GTX 970 Phantom previewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
EVGA GTX 970 SC ACX 2.0 reviewed

EVGA GTX 970 SC ACX 2.0 reviewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Friday, 04 October 2013 07:41

Ellison backs down in conflict of interest case

Written by Nick Farrell

Not interested in $500 million

Oracle boss Larry Ellison has backed down in a conflict of interest court case over the 2011 acquisition by Oracle of a company he controlled. Ellison has agreed to give up a potential payout of around $500 million to end the case.

The settlement relates to Oracle's purchase of Pillar Data, a data storage company that was majority owned by Ellison. Oracle paid nothing to buy Pillar, instead agreeing to make future payments that would depend on the acquired company's performance through 2014.

Ellison would have received the first $562 million of any payment related to the acquisition. According to the settlement, whatever the payment ultimately is, Ellison must pay 95 percent of it to Oracle. The City of Roseville Employees’ Retirement System and the Southeastern Pennsylvania Transportation Authority launched the suit. They said the deal to buy Pillar was "tainted by conflicts of interest and was unfair to Oracle."

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments