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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, OH, will receive $22 million in an insurance settlement for asbestos and pollution related claims previously filed by the tiremaker. The $22 million will be paid by Lloyd's 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 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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Title Annotation:Corporate financial news
Publication:Rubber World
Geographic Code:1USA
Date:May 1, 2005
Words:113
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