SAP (NYSE:SAP) had their a $1.3 billion payment to Oracle (NASDAQ:ORCL) overturned in court. A judge said the software giant should only pay $272 million. The case arose when Oracle CEO Larry Ellison accused Leo Apotheker of intellectual property theft. Oracle’s stock is down 2.6% and SAP’s stock is down 2.1%.
AT&T (NYSE:T) may be on the line to sell up to 25% of T-Mobile’s (DTEGY.PK) business to appease government regulators. The U.S. Department of Justice is worried about antitrust issues which would increase consumer prices, reduce innovation, and whittle down the cell phone business to three giants including Verizon (NYSE:VZ) and Sprint (NYSE:S).
The Federal Housing Finance Agency which oversees mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks (NYSE:KBE) for allegedly “misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation,” according to the New York Times. The suits will include banks Bank of America Corp. (NYSE:BAC), Goldman Sachs Group Inc. (NYSE:GS), J.P. Morgan Chase & Co. (NYSE:JPM), and Deutsche Bank AG (NYSE:DB) among others.