Goodyear Gets $159M In Settlement
By Steve Tuckey
NU Online News Service, Jan. 4, 4:00 p.m. EST?The Goodyear Tire and Rubber Company announced it will receive about $159 million from certain insurance companies as settlement for a lawsuit previously filed by the tire maker.[@@]
The sum will be paid out to the company in installments over the next 15 months.
While the specific terms of the Dec. 28, 2004 settlement are confidential, it provides for the payment to Goodyear in exchange for the companies' releasing the insurers from certain past, present and future environmental claims.
Goodyear filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission on Monday regarding the settlement.
The lawsuit, which Goodyear filed in 1993, sought to have certain insurers honor their policies to pay the company's liabilities and defense costs in regard to certain environmental claims.
Goodyear spokesperson Keith Price refused to name the insurance companies involved in the settlement, nor would he confirm press reports that in 2002 Goodyear named Aetna Casualty and Surety Company as one of the companies involved in the suit.
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