Rimini Street enters into confidential settlement agreement with Oracle

Rimini Street (RMNI) announced in a regulatory filing that on July 7, the company and its President, CEO and Chairman of the Board, Seth A. Ravin, entered into a confidential settlement agreement with Oracle (ORCL) and certain of its affiliates. If all Parties complete their agreed upon responsibilities, the Settlement Agreement will allow for the final resolution and ultimate dismissal of Case Number 2:14-cv-01699-MMD-DJA, which is currently before the United States District Court for the District of Nevada for further proceedings, following remand from the Ninth Circuit Court of Appeals. The Parties entered into the Settlement Agreement to provide a full, final, complete and global settlement of the subject matter of the Rimini II case. On April 24, 2025, the District Court issued a permanent injunction requiring Rimini to comply with the Digital Millennium Copyright Act and refrain from making four statements – none of which are part of Rimini’s current marketing. The Settlement Agreement provides, in part, that: No Parties admit any liability or wrongdoing. No later than July 9, 2025, Oracle will remit back to Rimini approximately $37.8M of the approximately $58.7M in attorneys’ fees and costs Rimini paid to Oracle in late 2024, which the Company has agreed will satisfy the District Court’s Order on Fees on Remand dated June 2, 2025. The amount to be remitted back to Rimini includes interest. Oracle will be entitled to retain approximately $22.5M of the fee award that Rimini previously paid to Oracle. Oracle completed the remit to Rimini on July 8, 2025. No later than July 22, 2025, the Parties to the Settlement Agreement will jointly move the District Court for a stay of all pending proceedings in the Rimini II litigation and the vacatur of all currently scheduled hearing dates and deadlines. If the District Court declines to enter the stay, within fourteen calendar days of such denial, Oracle shall file with the District Court a motion to dismiss without prejudice the Rimini II case in its entirety. If, among other obligations, the Company (a) completes its previously announced wind down of its provision of support and services for Oracle’s PeopleSoft software (the “Wind Down”) no later than July 31, 2028, (b) notifies all existing customers for which it supplies such support and services of the Wind Down, (c) provides required quarterly Wind Down progress reports to Oracle with certain agreed-upon information and (d) signs a declaration, under penalty of perjury, affirming that the Wind Down is complete and issues a public statement as to the same.