Cooper Tire Settling Lawsuits on Tires

Cooper Tire & Rubber Company reports it will settle a series of class-action lawsuits
over steel-belted radial tires the company produced. The agreement includes a five-year
program offering a free replacement tire against separations for all steel-belted radial
tires produced by Cooper from 1985 through 2001. It said it had reached a tentative
agreement to settle the suits with Cooper’s proposed settlement, which offers an
enhancement of warranties, improved final inspections and a consumer education program to
promote tire safety. There was never a claim of personal injury or property damage involved
in the lawsuits, and there will be no cash awards to plaintiffs as a part of the
settlement.