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    • U.S. Securities and Exchange Commission v. Oracle Corporation

    Sep. 29, 2012
    Verdicts and settlements
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    Securities
    Securities Fraud
    Foreign Corrupt Practices Act

    U.S. Securities and Exchange Commission v. Oracle Corporation

    Published: Sep. 29, 2012 | Result Date: Aug. 27, 2012 | Filing Date: Jan. 1, 1900 |
    Case number: 3:2012-cv-04310 CRB Settlement –  $2,000,000

    Court

    USDC Northern


    Attorneys

    Plaintiff

    Elena Ro

    Marc J. Fagel

    Michael S. Dicke
    (Fenwick & West LLP)

    Jina L. Choi
    (Morrison & Foerster)


    Defendant

    Leslie R. Caldwell


    Facts

    The Securities and Exchange Commission (SEC) sued Oracle Corp. (Oracle), alleging that Oracle violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act and created the potential within its organization for bribery when its employees created a secret side fund and then diverted money from the fund to various strawman vendors.

    Result

    Oracle will pay a $2,000,000 civil penalty to the SEC and has implemented internal measures to prevent the formation of another secret fund.


    #103926

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