Bondholders Seek Compensation Over False Waste Records

Columbia, S.C. -- A class of institutional bondholders has filed a motion for summary judgment against PriceWaterhouseCoopers (PWC), New York, for producing misleading financial documents for Safety Kleen, Plano, Texas, between 1997 and 1999. The motion was filed in the U.S. District Court of South Carolina. The class purchased $550 in two issuances of Safety Kleen 10-year senior notes between 1998 and 2000. The group is claiming the financial statements from PWC for 1997, 1998 and 1999 were falsified. The group wants to recover damages against PWC for $78.2 million, plus interest, plus additional damages. According to Grant and Eisenhofer, the Wilmington, Del., law firm representing the bondholders, the total value of the damages is likely to reach approximately $200 million.