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SEC Ends Accounting Investigation of Xerox Subsidiary ACS

On August 28, 2014, the SEC ended a formal investigation of certain revenue recognition accounting practices at Affiliated Computer Services, Inc. (“ACS”), a company acquired by Xerox in 2010, without bringing any charges against Xerox or ACS. Cravath represented Xerox and ACS in the investigation. A current employee and a former employee of ACS agreed to settlements with the SEC, which did not include fraud charges.

Cravath also represented Xerox in a related shareholder derivative action in the U.S. District Court for the Southern District of New York and won a motion to dismiss the suit in July 2016.

The Cravath team on the investigation included partners Rachel G. Skaistis and Benjamin Gruenstein.