Achieved $276 million in judgments and settlements for numerous public and private Safety-Kleen bondholders
Plaintiff(s):
Public and private investment funds represented by Grant & Eisenhofer
Case type / claims:
Securities class action and related individual actions alleging false and misleading statements in connection with the issuance and sale of corporate bonds, violating federal securities laws. This was only the fifth securities class action to go to trial following the passage of the Private Securities Litigation Reform Act.
Defendant(s):
Former officers, directors, auditors and underwriters of Safety-Kleen Corporation
Jurisdiction:
U.S. District Court for the District of South Carolina
Year:
2005
Outcome:
- Court entered $192 million in judgments against Safety-Kleen’s former CEO and CFO, with an additional $84 million in settlements from outside directors and the auditor, for a total recovery of $276 million.
