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Veolia lawsuit dismissed in New York

Veolia Environnement has said a class action lawsuit filed against the company has been withdrawn.

The lawsuit, filed in New York in December 2011, alleged that executives made “misleading” statements in the firm’s financial statements between 2007 and 2011.

But the Paris-based waste management and services giant has said the plaintiffs have informed the court they have voluntarily dismissed the action “after careful consideration of the facts and circumstances involved”.

The judge “subsequently signed an order dismissing the case”, the company said.  

Veolia’s former chief executive Henri Proglio had been named in the complaint alongside his successor Antoine Frérot. The company’s current and former finance directors, Pierre-François Riolacci and Thomas Piquemal, were also named.

The plaintiffs had claimed Veolia broke US securities law by overstating financial results. The allegations related to the firm’s environmental business in Egypt and Morocco.

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