Safety-Kleen

A court has ordered the former chief executive and the former financial officer of Safety-Kleen, as well as others, including the insurance company for some members of the board of directors, to pay $284 million. The former executives of the company, Kenneth Winger and Paul Humphries, were charged $200 million, while the rest of the settlement was picked up by the insurance company PricewaterhouseCoopers and a former director. The ordered payment ends a suit which alleged that top executives for the company were reporting financial information incorrectly to both shareholders and other members working for the company itself. When the company filed for bankruptcy, it revealed that it owed $1.6 billion to its creditors. One of the prosecutors for the case said that he did not believe that the full settlement would be collected from Winger and Humphries. (April-24-05) [FORBES.COM]

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Published on May-3-05