Date: April 20, 2005
Source: News Room
A group of institutional investors has won a $200 million judgment against Kenneth Winger and Paul Humphries, former CEO and CFO respectively of Safety-Kleen Corporation (www.safety-kleen.com). In addition, the accounting firm of PricewaterhouseCoopers (www.pwcglobal.com) and outside directors reached a settlement for an aggregate of $84 million. The suit arose from Safety-Kleen's bankruptcy in 2000; the company restated its 1997, 1998 and 1999 financial statements by over $500 million. The case was only the fourth to reach trial since the passage of the Private Securities Litigation Reform Act of 1995. Criminal indictments had already been obtained by the government against certain former Safety-Kleen officers.
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