Ruling in San Mateo Superior Court on Monday, Judge John G. Schwartz declined to approve a settlement offer put forward by Oracle's chief executive.
Earlier this month, it emerged that Lawrence Ellison had reached a settlement agreement in an insider trading lawsuit brought against him in 2001.
The suit, brought against Mr Ellison by shareholders in the firm, alleges that he sold around $900 million in Oracle shares ahead of announcements that the firm would not meet its expected earnings target. The settlement would see payments amounting to $100 million made in the firm's name to a charity designated by Mr Ellison.
However, Judge Schwartz called for further testimony to explain why Oracle's shareholders should bear the $22.5 million in legal fees included in the terms of the proposed settlement.
The matter will come before the California court again on November 15.
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