UPDATE: Xerox Corp.'s (XRX) Largest Individual Shareholder Sues to Block Separation

October 13, 2016 10:40 AM EDT

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(Updated - October 13, 2016 11:01 AM EDT)

Xerox Corp.'s (NYSE: XRX) largest individual shareholder, Darwin Deason, sues to block split of the company, according to Dow Jones.

UPDATE - The suit was filed Tuesday in the U.S. District Court in Dallas.

Deason says Xerox violated an agreement between set in 2009 following Xerox's acquisition of Deason's Affiliated Computer Services business.

The suit says Deason would see his $300 million Series A Preferred investment exchange for shares of the legacy business, versus Conduent.

Deason owned 6.5 percent of Xerox at the start of 2016. Carl Icahn is Xerox's largest institutional shareholder with a 10 percent stake.

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