- Associated Press - Thursday, November 12, 2015

PROVIDENCE, R.I. (AP) - Rhode Island’s quasi-public waste collection agency has won a nearly $3 million lawsuit against its former accounting firm.

The Rhode Island Resource Recovery Corp. sued Restivo Monacelli and two other firms on accusations of corruption and mismanagement. It sought to recover up to $75 million or more that investigators say was squandered.

The Providence Journal reports (https://bit.ly/1HKpOE5 ) a jury ruled last Tuesday that auditing lapses were at least partly responsible for the investment losses.

A managing partner of Restivo Monacelli denied the allegations, saying that generally accepted accounting principles were used.

Restivo Monacelli declined comment on the verdict.

The lawsuit dates to 2010 when Resource Recovery sued its former investment adviser and two Providence accounting firms for their alleged roles in corruption and mismanagement at the state trash agency.


Information from: The Providence Journal, https://www.providencejournal.com

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