Court Rules Ellison Must Donate $100M to Charity 191
PokeyPenguin writes "As part of a settlement for insider trading allegations, a California judge has ordered that Larry Ellison donate $100 million to charity. CNet reports, 'The charity payments are an unusual way to settle such a case. Typically, settlement payments would go directly to the company, in this case Oracle. "But with Mr. Ellison owning a quarter of Oracle's stock, much of such a direct payment, in effect, would have gone to him."'"
JDJ Had This News 6 Weeks Ago (Score:2, Informative)
Re:JDJ Had This News 6 Weeks Ago (Score:5, Informative)
No Tax Break (Score:5, Informative)
More precisely, the charity is a third party beneficiary [thefreedictionary.com] of a contract between the plaintiff(s) and Ellison to settle the case. It would be more like a case where "Seller" sells a car to you but, feeling charitable, writes the contract so you pay the money to the charity. In that case, if anyone got a deduction it would be "Seller" and not you.
The Slashdot School of Law has failed you (Score:5, Informative)
That's because no California court has ever awarded punitive damages in a derivative suit. Derivative suits, like this one, are about equity - not punishment.
2.) No criminal record?
Derivative suits are civil, not criminal.
Re:$100 million or $100 million of Oracle software (Score:4, Informative)
At least the lawyers are happy... (Score:5, Informative)
From the article: "This provision makes an excellent settlement even better," Joseph Tabacco, the attorney who brought the case, said in a statement. Wow, who would have guessed it, a lawyer is happy to get $22 million!?