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Lawsuit filed by AIB against Oracle Financial Services Software

Posted On: 2011-02-03 03:43:52

Oracle Financial Services Software Ltd has announced that Allied Irish Banks plc (AIB), a customer in Ireland, filed a lawsuit in the Irish High Court against Oracle Financial Services Software Limited, and one of its subsidiaries, claiming damages of upwards of Euro 84 million. The AIB claim alleges breach of contract, misrepresentation and negligence. All of the allegations being raised by AIB are being rigorously defended by the Company, and the Company will also be counter-claiming against AIB for breach of contract and outstanding fees.

The stock was trading at Rs.2102.90, down by Rs.71.05 or 3.27%. The stock hit an intraday high of Rs.2139.80 and low of Rs.2063.45.

The total traded quantity was 29144 compared to 2 week average of 6332.

Source: Equity Bulls

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