Business Services Industry
Waste Management settles suit.
Business Insurance, December, 1998
HOUSTON -- Waste Management Inc. and its independent auditor, Arthur Andersen L.L.P., last week settled a class-action lawsuit brought on behalf of the waste disposal giant's shareholders and agreed to contribute to a $220 million settlement fund. Waste Management said it expects to record an aftertax charge in the fourth quarter of approximately $70 million to cover its share of the settlement, but declined to discuss insurance coverage.
An Arthur Andersen spokeswoman would not comment about its share of the settlement, but did confirm that it has adequate insurance to cover it. In addition to Waste Management and Arthur Andersen, certain former Waste Management directors and officers also were named in the suit. The Waste Management spokeswoman said there...
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