Waste Management Pays $1M To Settle Workers' ERISA Suit

Law360, New York (October 18, 2012, 12:30 PM EDT) -- Waste Management Inc. on Wednesday agreed to pay $1 million to settle a class action brought by employees alleging the fiduciaries of the company retirement plan covered up a massive accounting scheme in violation of the Employee Retirement Income Security Act.

Employees asked a Washington federal judge to preliminarily approve a settlement agreement reached resolving allegations the garbage removal and recycling company made misstatements about its financial results from 1990 until 1997, which resulted in losses to the company’s retirement plan.

“Plaintiffs submit that the proposed...
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