BFS recall-related settlements top 600

TOKYO (June 6)—Bridgestone/Firestone, in its effort to put behind it the negative effects of the Firestone recalls of 2000 and 2001, has reached settlements with more than 600 plaintiffs in recall-related court cases, according to Bridgestone Corp.'s top executive. Writing in Bridgestone's 2001 annual report, Shigeo Watanabe, president, CEO and chairman, said the "settlements to date have cleared up most of the uncertainty about potential liabilities," and the company "will continue to negotiate in good faith toward reaching settlements with the remaining plaintiffs." These actions together "underlie our confidence in the adequacy of BFS's provisions for contingent liabilities and in the integrity of our earnings projection," Watanabe said. Bridgestone took $858 million in charges against earnings during 2001 to cover recall-related charges.