Goodyear Gets $159M In Settlement

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By Steve Tuckey

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NU Online News Service, Jan. 4, 4:00 p.m.EST?The Goodyear Tire and Rubber Company announced it willreceive about $159 million from certain insurance companies assettlement for a lawsuit previously filed by the tiremaker.[@@]

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The sum will be paid out to the company in installments over thenext 15 months.

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While the specific terms of the Dec. 28, 2004 settlement areconfidential, it provides for the payment to Goodyear in exchangefor the companies' releasing the insurers from certain past,present and future environmental claims.

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Goodyear filed a Current Report on Form 8-K with the U.S.Securities and Exchange Commission on Monday regarding thesettlement.

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The lawsuit, which Goodyear filed in 1993, sought to havecertain insurers honor their policies to pay the company'sliabilities and defense costs in regard to certain environmentalclaims.

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Goodyear spokesperson Keith Price refused to name the insurancecompanies involved in the settlement, nor would he confirm pressreports that in 2002 Goodyear named Aetna Casualty and SuretyCompany as one of the companies involved in the suit.

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