Ichan and Deason's deal with Jeff and former board to step down just got nixed.

https://www.law.com/newyorklawjournal/2019/09/13/judge-nixed-settlement-7-5m-attorney-fees-in-challenge-to-xerox-fujifilm-tie-up/

"In a 15-page ruling, Justice Barry R. Ostrager said that Deason and Icahn did not adequately represent the class and found the deal not to be in the best interests of the shareholders. The settlement, he said, sought to bind a class that had not been certified to major corporate actions, without providing any monetary relief in exchange for broad releases of derivative claims against Xerox directors.

The ruling also knocked out the proposed $7.5 million award of attorney fees to class counsel from [ Deason lawyers]"

“There were not [pressing] circumstances requiring purported class counsel to enter into the [settlement] other than the desire of Deason and Icahn to achieve control of the Xerox board, which purported class counsel facilitated,” Ostrager said in an opinion published dated Sept. 10.

“The net result of the actions of the purported class representatives and purported class counsel was to transfer control of a public corporation to Messrs. Deason and Icahn via a private agreement that offered no tangible benefits to the interests of the class,” he said.

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@8amy
I too am thinking of seeking legal action, the stress we are experiencing is sky high, what we are asked to do is beyond the scope of what any employee should have to endur, we are all looking for jobs, we would not be in this situation if Xerox did not deny us the choice to leave with severence and unemployment and instead held us hostage to stay and accept being badged to HCL which has been hell on earth or just leave with nothong and who can do that when we all have bills and families to support, I am online now seeking an employment attorney

I believe there will be a specific suit for employees that were let go or transitioned to HCL.
All actions resulted in workforce reductions that were not sanctioned by a legal Board
In other words - were the thousands transitioned already in a state of movement before this mess started? No
So all the actions that occurred are the result of Icahn and Deason’s “Board” that was still supported by Xerox the company.
There will be suits that will win. There is too much questionable activity that is going to pay the price whether it’s just Deason and Icahn or all of them including Xerox as a whole.
I know I’ll be seeking legal action
Without question

Agree with @4yom.
Adding, the judge may require a change in the Xerox board to remove control of company by 2 people who own 15% of the share.

I believe the only result of this would be a that shareholders can sue the old board of directors and perhaps get a special dividend check. The class action is for shareholders. I don't see how it would impact employees unless a separate class action representing employees and retirees would occur.

as an HCL employee, moved to HCL by Xerox as an option in lieu of being discharged, how does this impact "US"? Severance was changed, benefits reduced or eliminated and little options made available to tenured Xerox employees offered up to HCL. And when new opportunities exist within Xerox, both HCL and Xerox either hire from sources outside of their respective companies, Xerox hiring from IBM, HCL hiring contract labor in lieu of offering these positions to former Xerox employees.

For really fascinating reading, google: Ribbe v. Jacobson, Index No. 652147/19. This is the derivative action which outlines all that has happened with the previous and current boards, CEO and investors.

In order to see 3HDC's post, instead of pasting his link into the url field in your browser, instead past it into the search window. That's how I got to it (I have Firefox).

Thank you 3HDC, for posting the transcript. It makes for fascinating reading!

A guy with 400 shares stood up and won against Deason and Icahn.

https://static.reuters.com/resources/media/editorial/20190916/xeroxclassaction–approvalhearingtranscript.pdf

[Deason Laywer] Mr. Icahn and Mr. Deason don't control Xerox and they don't control its Board. Neither has the power to appoint or remove directors moving forward. Neither has majority of the shareholders.

[Judge]Aren't all the new directors people who work in one capacity or another for either Mr Icahn or Mr. Deason?

More details on the Reuters website: https://www.reuters.com/article/us-otc-xerox/no-tangible-benefits-ny-judge-rejects-xerox-shareholder-class-action-deal-idUSKBN1W12MR

Suggestion:
Buy one share of stock and go to the courthouse on Nov 19th
Have your day and bring many “Xerox shareholders” with signs.
Turn this into the news story it should be
Rochester and Webster employees might have the best chance to put something together?
An opportunity just presented itself, me thinks.
??

I love it....
So all those layed off by the current management team should also gave a class action suit. After all they did not have legal power to terminate employees who did not work for them (as they should not be in charge).

I smell a big payout coming!

I wonder if this is why the Webster town hall was postponed

This is the story to watch now
How does Icahn deal with HCL if legally he was not in charge of the board?
This is the story now
It may open large law suit doors
Everyone should be watching this very closely.

Bahahahahahaha
Ha
Ha
Ha

I can't even find this in the news. Is it really as big a deal as is being implied here? Who can explain what this means for Xerox and Icahn.

sorry im dumb, what does this mean in plain english?

The good ship Zoorox is rudderless.

Damn, this was an unexpected twist! So essentially this whole Icahn-Deason takeover is now nullified and we are starting over! All parties to appear before the court on Tuesday, November 19, 2019, at 11:30 to determine how to proceed. Perhaps we will become part of Fuji after all, and Jeff Jacobson will probably get his $21 million Golden Parachute as well along with being the new EFI CEO. And, Fuji now has Icahn/Deason by the almonds. Paging HP, if you ever wanted a chance to purchase Xerox, your window of opportunity is rapidly shrinking. Based on the next hearing date, I'd say HP has 2 months to decide if they want to dance or not. Should be interesting to see what wall street thinks of this ruling tomorrow morning.

1exv,

This is the same Judge. He's not in Ichan's pocket.

He made no original judgement on the deal, only put a temporary stop on the merger. He told Deaon that he will not certify Ichan and Deason as class representatives. Deason and the former board simply dropped the case bc of the private deal.

Other investors didn't like that and brought suite, so here we are. You can read the 16 page ruling here

https://images.law.com/contrib/content/uploads/documents/389/81926/Xerox-ruling.pdf

Capitalism only works if you have a strong legal system. The legal process failed in this instance to protect all investors as the judge who made the original ruling was in Icahn's pocket. As a result, employee's lives have been ruined and the shareholders have lost value. Happy to see that people are starting to wake up to what these crooks are up to. The current management team costs more than 3x what the old one did and for what? A big zero!

Let me get this straight. JV was an activist investor who pushed out the previous CEO, then became CEO, only to profit from it with a false deal he was not able to provide?

Ruh Roh !

Hopefully the research around this judgment has resulted in SEC attention or a referral for such. This is the tip of the iceberg in my view.

Ichan and Deason never had class certification to represent the investors. They own about 15% of stock between them yet took over the company through a private deal with the former board. The court is ordering all parties to meet Nov 19th to see how to proceed.

Thread regarding Xerox Corp. layoffs

Ichan and Deason's deal with Jeff and former board to step down just got nixed.

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