Waste Management Lawsuit Settled

Danielle Jackson

Wilmington, Del -- A Delaware judge has approved Houston-based Waste Management Inc.'s agreement to settle a derivative shareholder lawsuit by providing $24.6 million of four former officers' benefits to the company rather than to shareholders.

At issue were allegations by shareholders that the four former officers were responsible for an earnings shortfall in 1999 and had participated in insider trading.

The officers will give up $8.1 million in severance payment and about $16.4 million in other benefits.