Oracle Corp has agreed to pay $17.5 million to settle a shareholder lawsuit alleging the software giant misrepresented the growth of its cloud computing business in 2017 and 2018, the plaintiffs said in a court filing on Monday.
A subsidiary of German fund manager Union Investment led the class action on behalf of investors and asked U.S. District Judge Beth Labson Freeman in San Jose to approve the deal.
The judge trimmed the case last year, allowing the plaintiffs to move forward with claims that Oracle omitted information about the source of its growth. She granted class action status in May, and Oracle had sought permission from the 9th U.S. Circuit Court of Appeals to challenge that ruling.
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