CHICAGO -- Goodyear Tire & Rubber Co. said Monday that it would receive about $159 million from certain insurance companies it had argued were required to pay for liability and defense costs related to an environmental cleanup.
Goodyear said it sued the companies in 1993 over liability and defense cost coverage related to certain environmental claims. It declined to detail the settlement or to identify the insurance companies, citing a confidentiality agreement.
The settlement, which was reached on Dec. 28, calls for Goodyear to release the insurers from certain past, present and future environmental claims in exchange for the payments, the Akron, Ohio, tire maker said.
Goodyear also agreed to resolve some insurance claims for future costs related to environmental bodily injury and to indemnify the insurers against certain other claims.