Goodyear Tire & Rubber, Akron, OH, will receive $22 million in an insurance settlement for asbestos and pollution related claims previously filed by the tiremaker.Goodyear Tire & Rubber, Akron Akron (ăk`rən), city (1990 pop. 223,019), seat of Summit co., NE Ohio, on the Little Cuyahoga River; inc. 1865. Once the heart of the nation's rubber industry, Akron still contains the headquarters of some rubber corporations and chemical and , OH, will receive $22 million in an insurance settlement for asbestos asbestos, mineral asbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. and pollution related claims previously filed by the tiremaker. The $22 million will be paid by Lloyd's Lloyd's, London insurance underwriting corporation of many separate syndicates; often called Lloyd's of London. Founded in the late 17th cent. by a group of merchants, shipowners, and insurance brokers at the coffeehouse of Edward Lloyd, the association is now Underwriters reinsured by Equitas Limited in the second quarter of 2005. Additionally, Equitas will place $39 million into a trust fund that can be used to reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. Goodyear for costs it incurs in the future to resolve certain asbestos claims. However, if federal asbestos reform legislation is enacted before January 3, 2007, Equitas may have the right to some or all of the funds remaining in the trust. If no legislation is enacted, the remaining funds will be paid to Goodyear. |
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