Oracle Rejects $272M SAP Award
NEW YORK (AP) — Database software maker Oracle Corp. has formally rejected a court-ordered award of $272 million from German rival SAP AG, saying it would rather have another trial over SAP's theft of software and customer-support documents.
A jury awarded Oracle $1.3 billion in the case in November 2010, but a federal judge cut that amount last September. Oracle, which is based in Redwood City, California, said then that it would seek a new trial.
In a Monday filing in a federal court in Oakland, California, Oracle confirmed its earlier decision and rejected the award.
SAP admitted that a now-closed subsidiary, TomorrowNow, pilfered Oracle's intellectual property. Oracle argued that this helped SAP undercut Oracle by selling similar services for lower prices. SAP said it didn't make much use of the documents and should have to pay only $40 million.
Oracle shares slipped 10 cents to $28.90 in morning trading Tuesday.