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Waste Management Inc

CALIFORNIA | LOCAL
June 18, 2003 | Catherine Saillant, Times Staff Writer
Ventura County government will earn royalties from methane gas products sold by the operators of Simi Valley Landfill under an agreement approved Tuesday. Waste Management Inc. agreed to share up to 3% of gross revenues earned through the sale of methane-generated electricity to Southern California Edison. Landfills create methane gases, which can be captured and used for energy.
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BUSINESS
November 18, 2002 | Peter Pae, Times Staff Writer
Waste Management Inc. said Sunday its unionized truck drivers who collect trash from more than 110,000 homes in the South Bay area rejected a company-proposed contract offer over the weekend and authorized a possible strike. The nation's largest garbage hauler said Teamsters Local 396, representing 500 drivers in Los Angeles, rejected a company offer to increase salaries and benefits by 38% over the next five years, raising the average base salary to $58,000 from $45,000 a year.
BUSINESS
September 5, 2002 | Bloomberg News
The Securities and Exchange Commission, operating with a full slate of commissioners, reaffirmed fraud charges against former Waste Management Inc. executives that first were lodged by a single commissioner. The SEC revealed its action in a letter Aug. 21 to the federal judge presiding over the Waste Management case in Chicago.
CALIFORNIA | LOCAL
May 10, 2002 | TED ROHRLICH, TIMES STAFF WRITER
A waste-hauling firm said it was asked to pay $4 million to a friend of Compton's mayor and to contribute tens of thousands of dollars to campaigns run by South Gate's city treasurer while the company was seeking to renew its trash hauling contracts in the two cities. The firm, a subsidiary of Waste Management Inc., did not pay and lost multimillion-dollar contracts in both cities, said John Newell, an attorney for the company.
BUSINESS
March 5, 2002 | Associated Press
Waste Management Inc. said it will eliminate 2,000 jobs, including one layer of management, as part of a restructured business plan that aligns its collection, transport, recycling and disposal resources with market areas. The Houston-based company, which serves municipal, commercial, industrial and residential customers throughout North America, expects the plan to create annual savings of about $100 million. The cuts represent about 3.5% of its work force.
CALIFORNIA | LOCAL
October 1, 2001 | EVAN HALPER, TIMES STAFF WRITER
With more than 700 sanitation workers set to strike over wages at 4:30 a.m. today, residential trash collection was expected to halt in much of Orange County. Trash company representatives would not speculate on how long the strike might last, but issued a statement Sunday saying residential collection would be "postponed indefinitely for most cities and county areas."
BUSINESS
August 9, 2001 | Bloomberg News
Trash hauler Waste Management Inc. said second-quarter net income rose to $191 million from $300,000 in the year-earlier quarter. Net income was 30 cents a share, compared with break-even on a per-share basis a year earlier. Revenue fell 11% to $3.27 billion, partly because of the sale of businesses in Hong Kong, Sweden, Mexico and Britain. Costs fell 17% last quarter to $2.47 billion from a year earlier.
BUSINESS
August 7, 2001 | KATHY M. KRISTOF, TIMES STAFF WRITER
Four former executives of Waste Management Inc. could lose $23.1 million in severance and stock benefits as part of a proposed settlement of a group of shareholder lawsuits against the company. The move was highly unusual, compensation experts said, and the amount of money involved significant. Although they wouldn't speculate about whether the settlement would set a precedent, one expert said it could have an effect on other cases.
BUSINESS
June 20, 2001 | From Reuters
Accounting giant Arthur Andersen agreed to pay $7 million to settle charges it filed false and misleading audit reports of Waste Management Inc. in which the No. 1 U.S. trash-hauler overstated income by more than $1 billion, federal regulators said Tuesday. The fine was the largest-ever civil penalty against a Big 5 accounting firm, said the Securities and Exchange Commission in announcing the settlement against Arthur Andersen and four of its current or former partners.
BUSINESS
March 15, 2001 | MYRON LEVIN, TIMES STAFF WRITER
The adversaries in an epic Mojave Desert land-use fight have settled their long-running dispute, with trash giant Waste Management Inc. agreeing to pay $6 million and deed an 11-square-mile swath of desert to Cadiz Inc., of Santa Monica, a produce grower and water marketing firm. The civil settlement resolves charges of corporate espionage that spawned civil and criminal court cases during the last several years.
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