Xerox Settles Shareholder Lawsuit for $69 Million
Xerox Settles Shareholder Lawsuit for $69 Million
Posted 05/21/2010 at 4:52am
| by Paul Lilly
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Xerox will fork over $69 million to put to rest the last of what ended up being several shareholder lawsuits following the company's acquisition of Dallas-based Affiliate Computer Services Inc. (ACS) a year ago.
The $6 billion acquisition drew criticism from shareholders when it was discovered that ACS founder Darwin Deason was receiving additional payments, including a $300 million premium for his Class B shares of ACS. All told, Deason received a billion in stock and cash from Xerox, which he said was "consistent with other strategic acquisitions of similar scope and size."
It didn't take long for shareholders to file lawsuits in Dallas and Delaware, all of which pretty much alleged that Deason's deal was overly generous compared with what other ACS stockholders would receive.
Under terms of the deal, Deason will forfeit $12.8 million of the settlement, while Xerox "did not admit any wrongdoing."
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