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Carl Icahn sued over HP/Xerox deal

Illustration: Sarah Grillo/Axios

A firefighters pension fund in Florida filed a lawsuit on Friday against billionaire investor Carl Icahn over allegations that he bought $1.2 billion of stock in HP after learning that Xerox Corp. wanted to buy HP at a premium, per Bloomberg.

Why it matters: Icahn already was Xerox's largest shareholder, with an 11% stake, and now is HP's fifth-largest shareholder. Xerox offered to buy HP for $33.5 billion, but was rebuffed and now plans to go hostile.

Go deeper: HP rejects Xerox takeover offer