Fujifilm is suing Xerox for more than $1 billion over failed merger

The following appears on money.cnn.com

Fujifilm wants more than $1 billion from Xerox for backing out of a merger between the two companies.

By Rishi Iyengar – The Japanese firm filed a lawsuit in a district court in New York on Monday seeking “punitive damages for Xerox’s intentional and egregious conduct” in canceling the deal.

Xerox (XRX) was set to merge with Fuji Xerox, an existing joint venture between the two companies, in a deal that would have given Fujifilm (FUJIFcontrol of the combined entity.

But activist investors Carl Icahn and Darwin Deason, who own 15% of Xerox between them, bitterly opposed the deal, saying it undervalued the iconic American printer and copier firm.

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