Waste Firm to Pay $325,000 to Settle Contract Claims
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HUNTINGTON BEACH — Security Environmental Systems Inc. said Thursday it has agreed to pay $325,000 to settle various allegations of breach of contract and securities law violations.
But the waste-management company, based in Huntington Beach, said it still has some “significant” litigation issues to resolve.
The company also said it is now finalizing a tentative settlement with the California Department of Health Services involving state allegations that Security Environmental ran its Bakersfield operations without a proper permit. The state asked for damages and fines in excess of $8 million.
In the settlements announced Thursday, Security Environmental Systems said it would pay $325,000 to the various parties, $260,000 of it in installments beginning in June.
The money settles separate actions involving an alleged breach of contract to pay substantial commissions in 1992 and 1993 to third parties for waste contracts, an alleged breach of written contract to pay money in 1990 to an environmental consultant, and alleged violations of securities laws and breaches of contract involving a three-year warrant allegedly issued by the company in December, 1990.
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