Philip Services Corp. was a Canadian recycler based in Hamilton, Ontario.
It was accused of accounting fraud in its 1997 financial statements and filed for bankruptcy under Chapter 11 in 1999.
[1] Carl Icahn led the restructuring negotiations during Philip's first bankruptcy in 1999.
[3] As part of the settlement, the insurance company for directors and officers agreed to pay $18.25 million.
The underwriters of Philip's 1997 stock offering, Merrill Lynch and Salomon Brothers, agreed to pay a total of $11 million as part of the same settlement.