Despite some regrettably worded internal communications it produced during discovery, Xerox Corporation has finally killed off a class action alleging it overstated the cost-saving benefits of its big corporate reorganization in 1998. The ruling hands a long-awaited victory to securities litigators at Cravath, Swaine & Moore.
The U.S. Court of Appeals for the Second Circuit affirmed the dismissal of the 15-year- old case on Monday. Contrary to assertions by plaintiffs counsel at Milberg, the appeals court ruled that Xerox adequately disclosed challenges and obstacles that arose from reorganizing administrative employees.
