Waste Management (WM) Investor Settlement
Waste Management ($WM) has reached a settlement with investors to resolve claims that it misled investors about critical risks related to its acquisition of Advanced Disposal Services.
Outline
In 2019, Waste Management announced it would acquire Advanced Disposal for $4.9 billion and issued $3 billion in senior notes to help fund the deal. The company promised to complete the acquisition by July 14, 2020, or else redeem the notes at a premium. On June 24, 2020, WM disclosed a revised merger and that the notes would be redeemed at 101%, triggering losses for bondholders. After that, investors filed a suit.
Timeline
April 14, 2019 – Waste Management announced plans to acquire ADS for $4.9B.
May 14, 2019 – WM issued $3B in senior notes with a special mandatory redemption clause.
Feb–June 2020 – WM assured investors that the deal would close on time, despite DOJ concerns.
June 24, 2020 – WM announced a revised deal and triggered early redemption. Notes dropped from 121 to ~103.
July 20, 2020 – Senior notes were redeemed at 101% of par.
October 23, 2020 – DOJ confirmed antitrust concerns and required $835M in divestitures.
June 9, 2022 – Investors filed a lawsuit over losses tied to the early redemption.
May 23, 2025 – Waste Management agreed to a settlement with investors.
Background
To finance its $4.9B acquisition of Advanced Disposal Services, Waste Management issued $3B in senior notes in 2019, which included a clause requiring early redemption at 101% if the deal didn’t close by July 14, 2020.
Throughout early 2020, WM publicly stated the deal was progressing on schedule. Internally, however, the DOJ had already warned that the deal would require divestitures exceeding $200M, triggering renegotiations. Despite these known delays, WM continued to issue positive statements to the market.
On June 24, 2020, WM disclosed a revised merger agreement and informed investors that the notes would be redeemed early. The bond prices dropped sharply, causing losses for investors who had purchased them at a premium.
The DOJ later confirmed the merger raised significant antitrust concerns that required over $300M in asset sales.
Following this, in June 2022, investors filed a lawsuit alleging Waste Management misled them about the deal timeline and regulatory risks tied to the note terms.
What Can Investors Expect Now?
Waste Management ($WM) has reached a settlement with investors to resolve claims that it misled investors about critical risks related to its acquisition of Advanced Disposal Services.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Frequently Asked Questions
All purchasers of certain Waste Management, Inc. senior redeemable notes between February 13, 2020 and June 23, 2020, inclusive, and who were damaged thereby.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
The final payout amount depends on your specific trades and the number of investors participating in the settlement.
If 100% of investors file their claims - the average payout will be $24 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $96 per share.
If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.
More than 100 companies are currently paying out settlements. Connect your brokerage account to automatically check which ones you may have missed — or file manually for this case.
11th.com is an investor recovery company that helps investors track and collect securities class action settlements. We will:
1. Prepare documents for your payout.
2. Audit the claim and make sure you get the maximum possible payout.
3. File a claim with the settlement administration.
4. Correspond with the settlement administration to resolve emerging issues.
5. Deliver payout directly to your brokerage account.
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.