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September 22, 2019Cart


by Fairfield County Business Journal

Lawsuit claims Xerox CEO ignored board when negotiating Fujifilm deal


An amended lawsuit filed against Xerox Corp. by Dallas business executive and major shareholder Darwin Deason asserts that Jeff Jacobson, CEO of the Norwalk-headquartered company, rushed into an agreement with Fujifilm Holdings Corp. against the instructions of the board of directors.

Deason’s amended lawsuit states that the board told Jacobson to halt his negotiations with the Japanese company last November because it was considering the termination of his employment. Instead, Jacobson ignored the board and pursued talks, resulting in a $6.1 billion deal in January that enabled the company to become absorbed into the longstanding Fuji Xerox joint venture.

Deason, who sold Affiliated Computer Services to Xerox in 2010 for $6.4 billion, holds a 15 percent share of Xerox. He filed a lawsuit in February to block Xerox’s deal with Fujifilm, which still requires shareholder approval.

Xerox Board Chairman Robert Keegan issued a statement dismissing Deason’s amended lawsuit. “Xerox believes Mr. Deason’s litigation distorts many of the facts regarding the proposed combination with Fuji Xerox,” Keegan said. “Xerox strongly believes that Mr. Deason’s lawsuit is meritless and it will vigorously defend itself in legal proceedings.”