Featured Articles

IDC says PC market is rebounding

IDC says PC market is rebounding

Research firm IDC has published its latest report into the state of the PC market and while there are some signs…

More...
TSMC steps up development of 10nm process

TSMC steps up development of 10nm process

TSMC, the world’s biggest chip foundry for hire, has reportedly stepped up development of its 10nm manufacturing process.

More...
Broadwell 14nm desktop comes late in Q2 2015

Broadwell 14nm desktop comes late in Q2 2015

A while ago we mentioned that Broadwell won’t show up in the desktop space this year and we got it right.…

More...
AMD A8-7600 Kaveri APU reviewed

AMD A8-7600 Kaveri APU reviewed

Today we'll take a closer look at AMD's A8-7600 APU Kaveri APU, more specifically we'll examine the GPU performance you can…

More...
EVGA GTX 780 Classified reviewed

EVGA GTX 780 Classified reviewed

The EVGA GTX 780 Classified has been dethroned as the company’s fastest non-Titan card following the introduction of the GTX 780…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Thursday, 20 May 2010 12:49

Xerox pays up in shareholder suit

Written by Nick Farell

Image

Writes cheque for $69 million


Xerox has
agreed to write a $69 million cheque to make lawyers from several of its shareholders go away.

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.

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."

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."

Under the terms of the deal, Deason will pay $12.8 million of the settlement amount back.

Nick Farell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments