Deal Is Complete To Take Archstone REIT Private Tishman Speyer Properties and its financial partner Lehman Brothers completed their $22.2 billion purchase of Archstone-Smith Trust on Friday.... Read Full Article American Justice On Trial As Hicks Has Day In Court Even with partial victory under the Pentagon’s belt, Defence Secretary believes President George Bush’s war crimes court lacks legitimacy in eyes of the world.... Read Full Article Square Feet: A Hands-On Hotel Owner Who Values Independence A new breed of hands-on owners is actively pushing hotel managers to wring more profit out of their assets.... Read Full Article SAP Admits ’inappropriate’ Oracle Downloads SAP, the German software giant, has admitted that one of its divisions made "some inappropriate downloads", as it responded to a lawsuit filed by Oracle, a US competitor, alleging corporate ... Read Full Article Barclays Helps Rescue Debt Fund Barclays, forced this week to deny reports of exposure to troubled debt products, said it helped rescue a $1.6 billion debt fund at a London-based asset management firm.... Read Full Article |
Xerox To Pay $670 Million To Settle Securities CaseNEW YORK (Reuters) — The Xerox Corporation said Thursday it would pay $670 million to settle a securities lawsuit from 2000, without admitting wrongdoing. Xerox, the leading provider of digital printers and document management services, said it received preliminary court approval to settle the lawsuit brought on behalf of investors who bought its stock and bonds between Feb. 17, 1998, and June 27, 2002. The lawsuit stems from questions about the accounting at Xerox. In 2002, Xerox agreed to pay a $10 million penalty to settle Securities and Exchange Commission charges that the company had manipulated its financial results to inflate profits. It later restated five years of results. Xerox plans to take an after-tax charge of $491 million in the first quarter of 2008 to cover the settlement and set aside reserves for other pending securities-related cases. KPMG, Xerox’s former outside auditor and a co-defendant, will pay $80 million into the settlement fund. ”We believe the settlement amounts are in line with expectations and easily absorbed by Xerox’s cash flow,” an analyst, Shannon Cross of Cross Research, wrote in a report. ”We think this alleviates an overhang for the company, particularly on the rating for the bonds.” After the announcement, Standard & Poor’s placed Xerox on credit watch with positive implications. Xerox said it would make its payouts in the settlement in five installments this year. Shares of Xerox rose 1 cent to close at $14.97. Tag CloudExternal InformationAdditional InformationExxon Mobil disappoints with $10.9bn profit$...Dow Plunges More Than 300 Points on Grim Outlook... Ford to Invest in Plants and Get Tax Breaks... Waste Management Profit Falls 20 Percent... Where Am I?News Main Page - Business - Xerox To Pay $670 Million To Settle Securities Case |
i8news.com |