A group of Irish banking institutions has settled a lawsuit with Oracle over financial software the company had promised to deliver.
According to an article on The Register, the Allied Irish Banks group told the courts it had settled the matter with Oracle privately.
The group had signed a deal with Oracle back in 2007 for the Flexcube Universal Banking software and Flexcube Messaging Hub software. The deal was made with Oracle's subsidiary, Oracle Financial Services Software.
The banks claimed in the lawsuit, filed in December of last year, that they had spent €84 million on deploying the software which ultimately resulted in a ‘wasted expenditure.'
AIB claimed that out of the 5 million customers expected to switch to the new software platform, only 3,000 did so. The banks halted all development of the software platforms in March 2010.
The banks also claimed that the alternative software offered by Oracle was also "wholly unsuitable."
Oracle, for its part, denied the allegations and threatened to file a counter suit of its own. The terms of the deal were not disclosed by either company.