7th Circ. Affirms Waste Management CFO Verdict

Law360, New York (February 27, 2009, 12:00 AM EST) -- A federal appeals court has affirmed a lower court verdict ordering former Waste Management Inc. financial head James E. Koenig to pay a multimillion-dollar penalty for alleged violations of securities laws in one of the largest corporate fraud cases in U.S. history, but ordered the lower court to recheck some of its penalty calculations.

In December 2007, an Illinois federal court ordered Koenig to pay more than $2 million in disgorgement and prejudgment interest, plus a civil penalty of the same amount.

U.S. District Judge Wayne...
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