J.D. Edwards sues Oracle

In a lawsuit filed in Colorado state court, J.D. Edwards alleges Oracle has "tortiously interfered" with the deal and asks a court for US$1.7 billion in compensatory damages and an unspecified amount in punitive damages. "Oracle's sole aim is to disrupt a merger that will create value for the key stakeholders of J.D. Edwards and PeopleSoft," J.D. Edwards CEO Bob Dutkowsky said in a statement. "Oracle's unsolicited offer for PeopleSoft will only destroy value for our companies' shareholders, customers and employees and the technology community overall. We will not sit by idly while Oracle pursues this arrogant, unlawful and destructive course of action."

In a statement, Oracle said it had "just heard of this lawsuit" but added it believes the case has "no merit."

"Clearly PeopleSoft and J.D. Edwards prefer to fight in the courts than let shareholders decide," Oracle said.

Earlier Thursday, PeopleSoft formally rejected the unsolicited bid from Oracle. The company said its board had unanimously voted against the deal and planned to proceed with plans to acquire J.D. Edwards. PeopleSoft on Wednesday filed the necessary documents with government regulators to proceed with its bid.

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