XEROX SAYS VERDICT IN MONSANTO CASE IN TEXAS WILL HAVE NO IMPACT ON FIRST QUARTER EARNINGS
XEROX SAYS VERDICT IN MONSANTO CASE IN TEXAS WILL
HAVE NO IMPACT ON FIRST QUARTER EARNINGS
STAMFORD, Conn., March 9 /PRNewswire/ -- There will be no impact on Xerox Corporation's (NYSE: XRX) first quarter earnings related to a Texas jury's verdict last week against the company's property and casualty insurance subsidiary, Xerox said today in a statement.
First quarter earnings will not be affected, the company said, because the subsidiary, Crum and Forster, Inc., denies any wrongdoing in connection with a suit brought by Monsanto Company, strongly disagrees with the jury findings as being contrary to the evidence and Texas law and said it will "vigorously pursue an appeal."
The Xerox statement was issued because The Wall Street Journal today (March 9) quoted analysts as saying that Xerox could set up a first quarter reserve against the damages awarded by the jury.
/CONTACT: Thomas C. Abbott of Xerox, 203-968-3378/
(XRX) CO: Xerox Corporation ST: Connecticut IN: SU: SM -- NY047 -- 6377 03/09/92 11:36 EST