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Xerox Sees Charge for Litigation
NEW YORK (Reuters) - Xerox Corp., the maker of copiers and other office equipment, on Monday said it expects to take a first-quarter charge of $183 million related to a lawsuit against its pension plan, but said results in the period otherwise would likely exceed expectations

Xerox, of Stamford, Connecticut, said the charge of about 25 cents a share refers to a case brought against its primary U.S. pension plan for salaried employees, which is appealing an Illinois ruling made in September 2002

"Following the oral argument of the plan's appeal to the Seventh Circuit Court of Appeals on April 9, Xerox reassessed the level of probability for a favorable outcome," the company said in a release.

Under accounting standards, the reassessment required the company to take a charge for the value of the judgment. If the district court ruling is upheld on appeal, any final judgment would be paid from the plan's assets.

Xerox has been trying to put behind it high-profile probes into its accounting practices, but still faces shareholder lawsuits related to those issues. It is scheduled to release first-quarter earnings on April 23.