Waste Management Inc. announced a proposed settlement of a shareholder derivative action brought against several former officers and directors of Waste Management Holdings Inc., a wholly-owned subsidiary of Waste Management Inc.
The proposed settlement would resolve a consolidated derivative action pending in the Chancery Court of the State of Delaware. The derivative action was brought against several former officers and directors of old Waste Management and seeks, among other things, reimbursement of those monies expended by old Waste Management in resolving all claims brought against that company arising out of its February 1998 restatement of earnings.
The terms of the settlement include a payment to Waste Management Inc. of $15 million by certain of Waste Management Holdings Inc.'s insurance carriers and the complete resolution of all pending claims for retirement benefits between certain former officers of Waste Management Holdings Inc. and the company. The resolution of the actions for retirement benefits involves the release by the former executives who brought claims against the company for certain amounts otherwise owing under the retirement plans.
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