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News & Insights

SEC Ends Accounting Investigation of Xerox Subsidiary ACS

August 28, 2014

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.

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  • Investigations and Regulatory Enforcement
  • Technology

People

Photo
Name
Rachel G. Skaistis
Title
Litigation
Title
Partner
Email
rskaistis@cravath.com
Phone
+1-212-474-1934
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    Education

    • J.D., 1997, Cornell Law School
      cum laude
    • B.A., 1992, Yale College

    Admitted In

    • New York
    Photo
    Name
    Benjamin Gruenstein
    Title
    Litigation
    Title
    Partner
    Email
    bgruenstein@cravath.com
    Phone
    +1-212-474-1080
    vCard
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      Education

      • J.D., 1999, Harvard Law School
        magna cum laude
      • A.B., 1996, Harvard College
        Phi Beta Kappa, summa cum laude

      Admitted In

      • New York
      • District of Columbia

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