Announced on April 27, 2018, the decision in In re Xerox Corp. Consol. Shareholder Litigation,[1] by Justice Barry Ostrager of the New York Supreme Court in which he enjoins the Xerox shareholder vote and requires a waiver of its advance notice bylaw should be must reading for any corporate litigator, for several reasons:
First, it tells a fascinating story with all the elements of a James Bond novel: foreign intrigue, disloyal agents, backroom deals, and big stakes. Many takeover contests involve pitched battles and Napoleonic egos, but here the key CEO/general resembled less Napoleon and more Benedict Arnold.
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