Waste Management Settles Lawsuits

Houston -- Waste Management Inc. has agreed to pay $457 million to settle a class-action lawsuit claiming that its executives misled investors about the company's finances two years ago to drive up the stock price.

The settlement still must be approved by the Southern District of Texas federal court, which could take up to 6 months.

The company also has settled a lawsuit with Arthur Andersen, Chicago. Andersen has agreed to pay Waste Management $20 million related to a lawsuit brought by the company's shareholders in Texas state court in July, accusing Andersen of engaging in professional malpractice activities.