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Deason files lawsuit against Xerox CEO

April 16, 2018

The ongoing battle over the proposed partnership between Fujifilm and Xerox has taken another turn with the filing of a lawsuit against Xerox’s CEO Jeff Jacobson.

Darwin Deason, who along with Carl Icahn has been a constant thorn in Jacobson’s side in recent months, has alleged that Jacobson “rushed into the deal” despite instructions to the contrary from the OEM’s Board of Directors, according to The Register.

The lawsuit, which was brought in the Supreme Court of New York, and which runs to nearly 750 pages long, also complains that the deal, which was finalised in January, undervalues Xerox by giving Fujifilm control of the company “without spending a penny.” The rest of the board have been named as defendants alongside Jacobson.

Deason contends that Xerox’s board advised Jacobson to halt negotiations with Fujifilm as long ago as November, owing to the fact it was considering his dismissal, adds US News.

Refuting the allegations, Robert Keegan, Xerox’s Chair, said: “Xerox CEO Jeff Jacobson was fully authorised to engage in discussions with Fujifilm and Fuji Xerox on the proposed combination.” He added that Deason’s lawsuit “distorts many of the facts regarding the proposed combination with Fuji Xerox.”

Deason and Icahn, who between them own 15 percent of Xerox, have waged a continuous campaign against Jacobson throughout 2018, with a series of public letters denouncing the deal and the CEO himself, and an attempt to nominate a new board of directors altogether.

 

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