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WM.US

id: 1607

Waste Management (WM) Investor Settlement

Late claims are being considered for compensation, subject to approval.

$30,000,000

Cash Settlement

S.D. New York

Court

1:22-cv-04838

Case number

02/13/2020

Class period Start

06/23/2020

Class period End

11/21/2025

Claim deadline

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.

Case Type

US Securities Class Action

Case Status

Accepting Late Claims

Alleged Offence

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Bonds

Trade Direction

Long

Payout per Share

Filing date

06/09/2022

Plaintiffs

Seafarers Officers & Employees Pension Plan; Seafarers Money Purchase Pension Plan; United Industrial Workers Pension Plan

Attorneys

Robbins Geller Rudman & Dowd LLP; Lowey Dannenberg, P.C.

Defendants

James C. Fish, Jr.; Devina A. Rankin; John J. Morris; Leslie K. Nagy

Administrator

Verita Global

Court hearing date

12/16/2025

Exclusion deadline

11/25/2025

Objection deadline

11/25/2025

Attorney fee

$11,000,000

Trades matching type

FIFO

Frequently Asked Questions

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