Settlement Is A No Go In Challenge To Failed Xerox-Fuji Deal

Law360 (September 13, 2019, 10:56 PM EDT) -- A New York judge refused to greenlight a proposed settlement in a case challenging Xerox Corp.'s abandoned merger with Fujifilm Holding Corp., which was once valued at $6.1 billion, saying the investors leading the suit aren't fit representatives for the proposed class.

Judge Barry Ostrager said Thursday that Xerox's largest shareholders, Carl Icahn and Darwin Deason, hadn't sought a deal that was in the best interests of their fellow investors.

"The purported class members will 'get' no financial benefit, and they are being asked to 'give' broad releases of any derivative claims they may have," Judge Ostrager said.

In particular, the...

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