Oracle Execs Say Insurer Holding Up Investor Settlement

Law360, Wilmington (September 20, 2013, 4:26 PM EDT) -- The Oracle Corp. directors being sued by shareholders over the software giant's acquisition of Pillar Data Systems Inc. claimed Thursday that their insurer Beazley is acting as the last major barrier to ending the case by refusing to agree to cover a proposed settlement.

Oracle, along with CEO Larry Ellison and other directors and officers, filed a third-party complaint in the Delaware Court of Chancery derivative case challenging the transaction, alleging Beazley is in breach of its contract by refusing to cover a settlement amount purportedly...
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