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Fujifilm lambasts Xerox for shareholder settlement

June 5, 2018

The war of words and legal actions continues apace for Xerox, as Fujifilm reveals that it has filed papers at the New York State Supreme Court.

These developments follow a recent announcement by the company’s COO, Kenji Sukeno, who said during a briefing that Fujifilm was “currently in talks with lawyers” regarding filing a lawsuit against Xerox.

As PrintWeek reports, in these new legal documents which have been filed in New York, Fujifilm described the settlement Xerox reached with shareholders Darwin Deason and Carl Icahn as “self-serving” and “self-interested”.  

Fujifilm declared, “In violation of a valid contract that they unanimously authorised, the Xerox directors decided to secure these self-interested releases by means of a settlement with Deason that included the purported termination of a transaction that those same directors had repeatedly supported both publicly and under oath only weeks earlier.”

Fujifilm has also announced it will make a new filing on 14 June 2018 as it seeks vindication for the “wrongful termination” of Xerox’s Shareholders Subscription Agreement.

There are reports that Fujifilm may even slap Xerox with a hefty $183 million (€) termination fee if the thwarted deal between the two companies does not go ahead.

Meanwhile, as Icahn and Deason reshuffle the Xerox management team, the OEM’s shareholders have not had a chance “to have their say on the proposed Fujifilm deal”, as thus far the matter has not even been put to a vote.

Categories : Around the Industry

Tags : Carl Icahn Darwin Deason Fujifilm Legal New York Xerox

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