Waste Management Accounting Fraud Lawsuit Settled for $26.8 Million
By Danielle Briones
Published on September 06, 2005
Waste Management will pay $26.8 million, while the four former officers named in the suit will cover the rest of the settlement.
Founder and former CEO of Waste Management, Dean L. Buntrock, was accused of leading an accounting scheme from 1992 to 1997 that cost shareholders $6 billion.
In 1998, Waste Management restated its results for that term, overstating profit by $1.7 billion. None of the former executives admitted or denied any wrongdoing.
Waste Management agreed to the settlement to avoid additional legal costs.
The terms of the settlement also prohibit the defendants from serving as officers or directors of a public company.
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