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Xerox Pays Up $69M. In Shareholder Lawsuit

Toner News Mobile › Forums › Latest Industry News › Xerox Pays Up $69M. In Shareholder Lawsuit

Tonernews.com, December 20, 2012. USA
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    <p><font size=”5″><strong>Xerox Pays Up $69M. In Shareholder Lawsuit</strong></font><br />
    <font size=”4″><strong>Xerox has</strong> agreed to write a $69 million cheque to make lawyers from several of its shareholders go away.<br />
    <br />
    The lawsuits were over the company’s acquisition of Dallas-based Affiliated Computer Services last year During the $6 billion acquisition there were some additional, exclusive payments to ACS founder Darwin Deason totaling hundreds of millions of dollars.</font> <font size=”4″><br />
    <br />
    Deason got a billion in stock and cash from Xerox, including a $300 million premium for his Class B shares of ACS. ACS had defended the premium, saying it was “consistent with other strategic acquisitions of similar scope and size.”</font> <font size=”4”><br />
    <br />
    However several shareholder lawsuits were filed in Dallas and Delaware, alleging that Deason’s deal was overly generous compared with what other ACS stockholders stood to receive. In a Securities and Exchange Commission filing Wednesday, Xerox said it “did not admit to any wrongdoing.”</font> <font size=”4”><br />
    <br />
    Under the terms of the deal, Deason will pay $12.8 million of the settlement amount back</font></p>

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    December 20, 2012 at 8:54 AM
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