Oracle co-founder Larry Ellison will settle an insider trading lawsuit that he faces with a $100 million donation to his non-profit medical foundation. However there are reports that the $115 million he had pledged to Harvard University last year has not yet been given.
The settlement relates to a civil complaint about a $900 million gain made by Ellison from selling Oracle stock shortly before the share value plummeted in 2001.
Ellison denied any wrongdoing, but agreed to donate the money to charity in Oracle's name and pay $22 million in shareholders' legal costs.
A special committee appointed by Oracle's board to investigate the allegations raised in the lawsuit also concluded that Ellison did nothing wrong.
This settlement comes at a time when Harvard University officials are cutting staff of the planned Ellison Institute for World Health because the donation he pledged to the school has not yet been paid.
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