IN RE ORACLE SECURITIES LITIGATION

No. C-90-0931-VRW.

829 F.Supp. 1176 (1993)

In re ORACLE SECURITIES LITIGATION. This Document Relates To: All Actions.

United States District Court, N.D. California.

August 9, 1993.


Attorney(s) appearing for the Case

C. Oliver Burt, III, Greenfield & Chimicles, Haverford, PA, Jules Brody, Stull, Stull & Brody, Arthur N. Abbey, Abbey & Ellis, Max Berger, Bernstein Litowitz Berger & Grossman, Lawrence A. Sucharow, Jonathan M. Plasse, Goodkind, Labaton & Rudoff, Stanley Grossman, Pomerantz Levy Haudek Block & Grossman, New York City, Leonard Barrack, Gerald J. Rodos, Barrack Rodos & Bacine, Philadelphia, PA, Michael Glassman, Clemens Glassman & Clemens, Los Angeles, CA, Glen DeValerio, Berman DeValerio & Pease, Boston, MA, Robert N. Kaplan, Kaplan & Kilsheimer, New York City, Eugene A. Specter, Specter & Roseman, P.C., Philadelphia, PA, Joseph J. Tabacco, Jr., Stamell, Tabacco & Schager, Daniel W. Krasner, Francis M. Gregorek, Wolf Haldenstein Adler Freeman & Herz, New York City, Sherrie R. Savett, Robert P. Frutkin, Berger & Montague, P.C., Philadelphia, PA, Michael Craig, Schiffrin & Craig, Chicago, IL, Bertram Bronzaft, Garwin Bronzaft Gerstein & Fisher, New York City, Stephen Oestreich, Wolf Popper Ross Wolf & Jones, Robert Harwood, Wechsler Skirnick Harwood Halebian & Feffer, New York City, Stuart H. Savett, Kohn Savett Klein & Graf, Philadelphia, PA, Steve W. Berman, Hagens & Berman, Seattle, WA, Robert M. Roseman, Rudolph Seidner Goldstein Rochestie & Salmon, Philadelphia, PA, Guido Saveri, Saveri & Saveri, San Francisco, CA, Jeffrey H. Squire, Kaufmann Malchman Kaufmann & Kirby, New York City, Michael D. Howard, Kinsella, Boesch, Fujikawa & Towle, Los Angeles, CA, Elizabeth J. Cabraser, Lieff Cabraser & Heimann, San Francisco, CA, Elwood Simon & Associates, P.C., A Professional Corp., Bloomfield Hills, MI, Ernest T. Kaufmann, Kaufmann Malchman Kaufmann & Kirby, Los Angeles, CA, Andrew J. Ogilvie, Law Office of Andrew J. Ogilvie, San Francisco, CA, Richard B. Dannenberg, Lowey Dannenberg Bemporad & Selinger, P.C., New York City, William S. Lerach, Alan Schulman, Milberg Weiss Bershad Specthrie & Lerach, San Diego, CA, David J. Bershad, Milberg Weiss Bershad Specthrie & Lerach, Richard B. Dannenberg, Neil L. Selinger, Lowey, Dannenberg, Bemporad & Selinger, New York City, Lawrence W. Schonbrun, Berkeley, CA, Gold & Bennett, A Professional Law Corp., David B. Gold, Paul F. Bennett, Alan R. Plutzik, George S. Trevor, Gregory C. Moore, San Francisco, CA, for plaintiffs.

Melvin R. Goldman, Darryl P. Rains, Morrison & Foerster, San Francisco, CA, Raymond L. Ocampo, Brenda G. Woodson, Oracle Systems Corp., Redwood Shores, CA, Lawrence M. Popofsky, Michael Rugen, Heller, Ehrman, White & McAuliffe, Frederick S. Fields, Stan G. Roman, Richard P. Walker, Bronson, Bronson & McKinnon, San Francisco, CA, for defendants.


ORDER

WALKER, District Judge.

The settlement of these consolidated class and derivative actions must be disapproved because, although plaintiffs' claims appear to be weak and the consideration offered by Oracle to settle the class action is relatively large, the court is unable to conclude that the Oracle directors who approved the derivative settlement acted with the independence required under Delaware law.

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