Waste Management $30M Securities Class Action Settlement

Individuals who purchased or otherwise acquired certain Waste Management Inc. redeemable senior notes in one or more domestic transactions between Feb. 13, 2020, and June 23, 2020, and suffered losses as a result may qualify to submit a claim for a cash payment from a class action settlement.

Waste Management Inc. agreed to pay $30,000,000 to settle a class action lawsuit alleging it and certain executives made materially false and misleading statements and omissions regarding the timing and regulatory review of its acquisition of Advanced Disposal Services Inc. during the class period.

Who is eligible for a Waste Management settlement payout?

Class members must meet all of the following criteria:

• They purchased or otherwise acquired, in one or more domestic transactions, any of the following Waste Management redeemable senior notes between Feb. 13, 2020, and June 23, 2020:
• 2.95% senior notes due 2024 (CUSIP 94106LBF5)
• 3.20% senior notes due 2026 (CUSIP 94106LBH1)
• 3.45% senior notes due 2029 (CUSIP 94106LBG3)
• 4.00% senior notes due 2039 (CUSIP 94106LBJ7)

• Their transaction(s) occurred in a domestic (U.S.) market.
• They suffered damages as a result of their purchase or acquisition of these notes.

Additional details:

• Those who held notes in their own name are both the beneficial and record owners and must sign the claim form themselves.
• Those who held notes registered in the name of a third party (such as a brokerage) are the beneficial owners and must submit the claim form themselves.
• Executors, administrators, guardians or trustees may file on behalf of a deceased or incapacitated owner but must provide proof of authority (such as a death certificate and legal documentation).

How much is the Waste Management payout?

Pro rata payment: The total settlement fund is $30,000,000. The actual amount each class member receives depends on several factors, including:

• The total number of valid claims submitted
• The amount of each claimant's recognized loss
• Deductions for taxes, administrative costs, attorneys' fees and expenses

Each claimant's share is proportional to their recognized loss compared to the total recognized losses of all claimants. The average distribution per damaged note is estimated at approximately $24 before deductions and $9.28 after deductions. However, the actual payment may be higher or lower.

Detailed award calculation

The settlement administrator will calculate each class member's recognized loss amount based on the type of note(s), purchase and sale dates, and the price they paid or received.

• 2.95% senior notes due 2024 (CUSIP 94106LBF5):
• If sold prior to June 24, 2020: Recognized loss amount is $0.
• If sold or disposed of June 24-July 20, 2020: Recognized loss amount per $100 of par is the least of:
• $2.97 (decline in inflation per $100 of par during the holding period)
• The purchase price minus the sale price
• The purchase price minus the average price between June 24, 2020, and the date of sale

• 3.20% senior notes due 2026 (CUSIP 94106LBH1):
• If sold prior to June 24, 2020: Recognized loss amount is $0.
• If sold or disposed of June 24, 2020-July 20, 2020: Recognized loss amount per $100 of par is the least of:
• $5.46
• The purchase price minus the sale price
• The purchase price minus the average price between June 24, 2020, and the date of sale

• 3.45% senior notes due 2029 (CUSIP 94106LBG3):
• If sold prior to June 24, 2020: Recognized loss amount is $0.
• If sold or disposed of June 24-July 20, 2020: Recognized loss amount per $100 of par is the least of:
• $5.41
• The purchase price minus the sale price
• The purchase price minus the average price between June 24, 2020, and the date of sale

• 4% senior notes due 2039 (CUSIP 94106LBJ7):
• If sold prior to June 24, 2020: Recognized loss amount is $0.
• If sold or disposed of June 24-July 20, 2020: Recognized loss amount per $100 of par is the least of:
• $3.14
• The purchase price minus the sale price
• The purchase price minus the average price between June 24, 2020, and the date of sale

If the calculated distribution for a claimant is less than $10, they will not receive payment.

How to claim a class action payment

Class members can file the online claim form or download, print, complete and mail PDF claim form to the settlement administrator. The claim deadline is Nov. 21, 2025.

Settlement administrator's mailing address: Waste Management Notes Securities Settlement Claims Administrator, c/o Verita Global, P.O. Box 301170 Los Angeles, CA 90030-1170

What proof or documentation is required to submit a claim?

All class members must provide:

• The last four digits of their Social Security or taxpayer identification number
• Waste Management senior note transaction information, including note type, trade dates, quantities and purchase prices

Claimants must provide documentation to support their transactions. Acceptable documentation includes:

• Brokerage confirmation slips
• Monthly account statements showing opening and closing balances for the relevant months
• Authorized statements from brokers containing transaction and holding information

The settlement administrator will not accept written documents, self-prepared tax forms, spreadsheets or illegible statements. Do not send original documents as the settlement administrator will not return them.

Payout options

• Electronic payment
• Paper check

Third-party filers cannot be the payee of any distribution payment.

$30 million settlement fund breakdown

The $30,000,000 settlement fund covers:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $10,000,000
• Attorneys' expenses: Up to $1,000,000
• Service awards to lead plaintiffs: Up to $60,000 total
• Payments to eligible class members: The remainder of the fund

Important dates

• Deadline to file a claim: Nov. 21, 2025
• Deadline to request exclusion: Nov. 25, 2025
• Fairness hearing: Dec. 16, 2025

When is the Waste Management securities settlement payout date?

The settlement administrator will issue payments to eligible class members after the court grants final approval of the settlement and resolves any appeals.

Why did this class action settlement happen?

The class action lawsuit alleged Waste Management Inc. and certain executives made false and misleading statements and omissions about the timing and regulatory review of the company's acquisition of Advanced Disposal Services Inc. during the class period. The plaintiffs claimed these misrepresentations artificially inflated the prices of the notes, causing losses when they learned the truth.

Waste Management Inc. denies any wrongdoing but agreed to settle to avoid the risks and costs of continued litigation.

Sources

1. Class notice
2. Claim form
3. Settlement agreement
4. Settlement FAQ