January 05, 2005
Goodyear to Receive $159 Million in Insurance Settlement
The Goodyear Tire & Rubber Company announced today that it will receive approximately $159 million from certain insurance companies as settlement for a lawsuit previously filed by the tiremaker. The $159 million will be paid to the company in installments over the next 15 months.
While the specific terms of the December 28, 2004 settlement are confidential, it provides for the payments to Goodyear in exchange for the company's 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 today regarding this settlement.
Posted by Tom Troceen