The Goodyear Tyre & Rubber Company will receive approximately $US159 million from certain insurance companies as settlement for a lawsuit previously filed by the tyre maker.
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The money will be paid to the company in instalments over the next 15 months.
While the specific terms of the 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.
The lawsuit, which Goodyear filed in 1993, sought to have the insurers honour their policies to pay the company’s liability and defence costs in regard to certain environmental claims.
