Form of email sent to members of the ABA Class Action and Derivative Suits Committee
Sent: 5/2/2008 _____P.M. Central Daylight Time
Subj: Pro bono request re Xerox class action securities lawsuit
Dear Mr. _____,
I am writing to you in your capacity as a member of the ABA Class Action and Derivative Suits Committee who is identified as being in the securities law field.
I have written a letter to The Honorable Alvin W. Thompson of the Connecticut federal district court (which letter you can find here) about a proposed settlement in a Xerox class action securities lawsuit. Further, I have contacted the Xerox Corporate Secretary and have gotten the subject matter of my letter put on the agenda for the Xerox Corporate Governance Committee at its May 22, 2008 meeting.
Among other things, I have solicited the Corporate Governance Committee to consider the manner in which the proposed settlement creates at least three categories of Xerox stockholders and bondholders and what the fiduciary obligations of the directors are to these categories of Xerox stockholders and bondholders.
My pro bono request to you is whether you would give me your views about such fiduciary obligations and whether such obligations can all be properly discharged in an approval by the directors of the settlement agreement.
Ms. Sandra Goldstein of Cravath, Swaine & Moore represents Xerox in the litigation and I have put the foregoing questions to her and asked her whether she will be in a position to advise the independent directors on them. Ms. Goldstein has replied that she is not at liberty to discuss the matter with me, so I do not know whether she considers herself in a position to render such advice to the independent directors. I would be more than happy to try to convert this pro bono request to a fee paying request to you by passing your name along to the Xerox Corporate Secretary if a lawyer is needed to advise the independent directors.
Thank you for your attention to this email.