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Investing.com -- Rimini Street Inc (NASDAQ:RMNI) stock surged 19% following the announcement of a settlement agreement with Oracle Corporation (NYSE:ORCL) that resolves longstanding litigation between the companies.
The settlement, effective July 7, 2025, provides for the resolution and ultimate dismissal of the "Rimini II" case currently before the United States District Court for the District of Nevada. As part of the agreement, Oracle will return approximately $37.8 million to Rimini Street out of the $58.7 million in attorneys’ fees and costs that Rimini paid to Oracle in late 2024.
The settlement requires Rimini Street to complete its previously announced wind-down of Oracle PeopleSoft software support services by July 31, 2028. The company had already decided to exit this business segment in July 2024, when it represented approximately $30 million in annual revenue.
The agreement includes a "Litigation Standstill" provision preventing the parties from initiating new legal proceedings against each other during the wind-down period. Permanent injunctions from both the "Rimini I" and "Rimini II" cases will remain in effect, with the District Court retaining jurisdiction to enforce them.
This settlement appears to end a contentious 15-year legal battle between the companies. The litigation primarily focused on Rimini Street’s methods of providing third-party support services to Oracle software licensees, certain actions involving Oracle copyright notices, and public statements made by Rimini.
The companies are expected to jointly move for a stay of all pending proceedings in the Rimini II litigation by July 22, 2025.
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