The Wall Street Journal reports (subscrip. req’d) that the state court judge presiding over the Oracle derivative case has temporarily declined to approve the proposed settlement. The CEO of Oracle agreed to pay $100 million to charity on behalf of the company, while the company will make a payment of $22.5 million in legal fees to plaintiffs’ counsel. The terms of the settlement have come under criticism.
According to the article, the judge “seemed favorably disposed to the general outlines of the deal, but said he wanted more testimony about why Oracle shareholders should bear the cost of . . . legal fees.” The next scheduled hearing is on November 15.
The 10b-5 Daily 