‘No Tangible Benefits’: N.Y. Judge Rejects Xerox Shareholder Class Action Deal

The following appears on Reuters.com

By Alison Frankel – (Reuters) – New York State Supreme Court Justice Barry Ostrager of Manhattan is not afraid to stir things up. In April 2018, you may recall, the judge – previously a longtime litigation partner at Simpson Thacher & Bartlett – issued a preliminary injunction to block Xerox from allowing a shareholder vote on a proposed merger with Fuji, holding that the deal was hopelessly tainted by Xerox board members’ conflicts.

Justice Ostrager’s decision was effectively a death knell for the Xerox management team that approved the Fuji deal. In a subsequent settlement with activist investor Darwin Deason and a proposed settlement with a class of shareholders, the company replaced four of its directors with new board members proposed by Deason and fellow activist Xerox investor Carl Icahn. Xerox also ditched the Fuji deal.

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SOURCE Reuters

Judge Nixed Settlement in Challenge to Xerox, Fujifilm Tie-Up