Oracle-NetSuite Mediation Fails In Chancery Merger Dispute

Law360 (August 16, 2019, 11:21 AM EDT) -- Citing dim prospects for a settlement, an Oracle Corp. litigation review panel asked the Delaware Chancery Court late Thursday to lift a mediation stay on a two-year-old derivative suit over Oracle's $9.3 billion purchase of NetSuite in 2016.

In a letter to Vice Chancellor Sam Glasscock III, Kevin R. Shannon of Potter Anderson & Corroon LLP, counsel to Oracle's Special Litigation Committee, said it "appears unlikely that settlement can be reached in the near future.”

Committee members recommended letting lead plaintiff Firemen's Retirement System of St. Louis proceed with the derivative case on Oracle's behalf, Shannon said. Litigation will resume under...

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