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Oracle Corporation (NYSE:ORCL) Fails to Restore $1.3 billion SAP SE (ADR) (NYSE:SAP) verdict

Boston, MA 09/02/2014 (wallstreetpr) – According to reports, Oracle Corporation (NYSE:ORCL) has lost its bid to restore $1.3 billion worth of decree in its copyright issue with SAP SE (ADR) (NYSE:SAP), a German technology company. A U.S court recently said that ORCL would have to accept a lower amount in order to start a new trial.

What’s the base of court’s decision:

Some time back a U.S. Circuit Court of Appeals found that jurors used an undue amount of speculation at the time of awarding $1.3 billion to ORCL in damages around four years back. According to the U.S. District Judge, Phyllis Hamilton, Oracle Corporation (NYSE:ORCL) deserved not more than $272 million of damages. Although ORCL did not agree to this sum and rejected it immediately.

Judge William Fletcher, who wrote for a 9th Circuit panel which had three judges, asked Hamilton to offer a second trial to ORCL or an option of $356.7 million of damages. Reporters tried to get-in-touch with Oracle Corporation (NYSE:ORCL) spokespersons to given a comment on this decision of the court. Dorian Daley, General Counsel of ORCL, said in a press conference that the company was thrilled with by the decision of the court. On the question of ORCL’s move on court’s decision, a spokesperson denied to comment saying it was too early to comment.

SAP SE (ADR) (NYSE:SAP) looked determined after the decision of the court. One of the spokesmen of the company Andy Kendzie said that the decision was favorable for the company, and it showed the strength of SAP’s position in the market.

What’s the matter:

Everything started when German company SAP SE (ADR) (NYSE:SAP) bought Tomorrow Now unit with an objective to offer software support to ORCL customers. Oracle Corporation (NYSE:ORCL) used to charge a significant amount from customers while SAP tried to offer the same services at lower cost in the hope to acquire them at a later stage. ORCL finally decided to sue SAP seven years back in 2007 when it witnessed several doubtful downloads of its software. Although SAP later found that its employees were downloading ORCL software illegally, but it didn’t agree with the charges levied by it.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.

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