Posted Oct. 4, 2013 at 6:21 a.m.

Premium Lock Oracle's CEO gives up $575M payout to settle suit over acquisition

Published: 2013-10-04 06:21:09
Updated: 2013-10-04 06:21:09

Larry Ellison Larry Ellison

Larry Ellison, Oracle's chief executive officer and a company director, agreed to hand over 95 percent of an "earn-out" payment tied to Oracle's 2011 purchase of Pillar Data Systems Inc. to resolve a pension fund's claim that shareholders were shortchanged, according to Delaware Chancery Court filings. Ellison owned 55 percent of Pillar, a closely held provider of data-storage systems. He was slated to get as much as $575 million under the agreement based on Pillar's performance....

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