Faced with a devastating court ruling, Xerox on Tuesday threw in the towel, firing its CEO and half of its board of directors to resolve a proxy contest.

It’s a stunning victory for King & Spalding lawyers and their client Darwin Deason, the company’s third-largest shareholder, as well as for its largest shareholder, Carl Icahn, who shared the cost of litigating the case. It was also a win for Grant & Eisenhofer, Bernstein Litowitz and Kessler Topaz representing a group of institutional holders of Xerox stock.

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