FINDLAY, Ohio (Oct. 29)—Cooper Tire and Rubber Co. has filed a tentative agreement in the Superior Court of New Jersey to settle 32 class action lawsuits brought against the company in the past 10 months. The five-year plan offers free replacement tires for all Cooper steel-belted radial tires made between 1985 and 2001 that suffered tread separations; modifies final inspections just before Cooper tires enter the warehouse; and creates a massive consumer tire safety program that, a Cooper spokeswoman said, will involve all 20,000 U.S. Cooper tire dealers. The Findlay-based tire maker will take a pretax charge of $55 million, or after-tax charge of $34 million, related to the settlement agreement. Cooper expects to gain final approval for the settlement plan in the first quarter of 2002.
Cooper announces settlement agreement for class action lawsuits
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