Goodyear to receive $22 million settlement

AKRON (April 20)–Goodyear will receive $22 million in the second quarter from an insurance settlement for asbestos and pollution-related claims it filed.

The funds will be paid by Lloyd´s Underwriters, reinsured by Equitas Ltd., Goodyear said. Equitas plans to place $39 million in a trust fund that can be used to reimburse the tire maker for costs it incurs to resolve certain asbestos claims. If federal asbestos litigation legislation is enacted before Jan. 3, 2007, Equitas may have the right to some or all of the…

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