July 22, 2024 at 09:52AM
Oracle has agreed to pay $115 million to settle a class action lawsuit alleging misuse of user data. The settlement benefits 220 million people and commits Oracle to address privacy violations. This move follows Oracle’s decision to exit the advertising business, which declined to $300 million in revenue in fiscal year 2024 from $2 billion in 2022.
From the meeting notes provided, it appears that Oracle has agreed to settle a two-year class action lawsuit for $115 million, providing relief to the plaintiff consumers in the class. The settlement includes commitments from Oracle to address alleged privacy violations and to exit the advertising business. The plaintiff group initiated an investigation into Oracle’s data privacy practices in 2020 and filed suit in August 2022, alleging violations of privacy laws. The settlement reflects a new era in Oracle’s relationship with class members and eliminates the risk of continued litigation. This information is based on the legal filing and recent statements from Oracle’s CEO.