November 3, 2010 / 6:48 PM / 9 years ago

SAP agrees to pay $120 million to Oracle -sources

SAN FRANCISCO, Nov 3 (Reuters) - German software maker SAP AG (SAPG.DE) has agreed to pay $120 million to help archrival Oracle Corp ORCL.O cover legal fees in a closely watched Silicon Valley trial over theft of intellectual property, according to sources familiar with the agreement.

SAP agreed to the unusually large payout in exchange for Oracle promising not to seek punitive damages in a two-and-a-half year intellectual property infringement case, said the people, who spoke on condition of anonymity because the judge in the case has ordered both sides to keep the matter quiet.

The agreement needs final approval by U.S. District Court Judge Phyllis Hamilton, according to the sources.

SAP and Oracle declined comment on the matter (Reporting by Jim Finkle. Editing by Robert MacMillan)

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