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SETTLEMENT NEWS:
XEROX CORP: "Carlson" Securities Suit Settled for $750 Million
Staff Writer
Class Action Reporter. April 29, 2008
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EXCERPT: Settlement of $750 million has been reached in the consolidated securities class action, "Carlson v. Xerox Corp., et al.," which was filed in the U.S. District Court for the District of Connecticut. Initially consisting of 21 cases, the consolidated securities class action, also names as defendants KPMG LLP, Paul A. Allaire, G. Richard Thoman, Anne M. Mulcahy, Barry D. Romeril, Gregory Tayler, and Philip Fishbach. According to the third consolidated amended complaint, the plaintiffs purport to bring this case as a class action on behalf of an expanded class consisting of all persons and entities who purchased the company's common stock and bonds between Feb. 17, 1998, and June 28, 2002, and who were purportedly damaged thereby. The Court has approved the plaintiffs' notice of withdrawal of proposed class representative Fernan Cepero (Class Action Reporter, Aug. 8, 2007). The $750-million settlement ($670 million contributed by Xerox Corporation and $80 million contributed by KPMG LLP) has been proposed (Class Action Reporter, March 31, 2008).
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