Chancery OKs Oracle Panel Doc Hold-back In $9B Merger Suit

Law360 (July 9, 2020, 10:33 PM EDT) -- An Oracle Corp. special litigation committee that took over and then handed back control of a suit against company founder Lawrence J. Ellison and others over a conflicted $9.3 billion acquisition of NetSuite Inc. has a right to keep some of its documents away from stockholders despite their shared interests, a Delaware vice chancellor ruled late Thursday.

Vice Chancellor Sam Glasscock III's decision found that the held-back materials are protected work products of the committee, despite its investigative role. He also rejected class claims that the refusal amounts to a breach of fiduciary by the committee, although the committee claimed that...

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