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Equitas agrees to settle with Goodyear in $61 million deal; Agreement with tire maker follows trend of settlements.(International)(Goodyear Tire and Rubber Co.)
Business Insurance, April, 2005 by McLeod, Douglas
Byline: Douglas McLeod LONDON-Equitas Ltd. has agreed to settle asbestos and pollution liability claims of Goodyear Tire & Rubber Co. for an immediate payment of $22 million and establishment of a $39 million trust fund for future claims. Under the settlement, Akron-based Goodyear will receive the $22 million during the second quarter of 2005, the company reported.
The $39 million trust fund will be used to reimburse Goodyear for future asbestos-related costs, subject to a monthly limit on payments from the fund and other confidential criteria, according to a Goodyear 8-K filing with the Securities and Exchange Commission. If federal asbestos reform legislation is enacted before Jan. 3, 2007, London-based Equitas may recover some or all of the money then...
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