Goodyear, Retirees Strike $1B Deal Over Benefits

Law360, New York (December 18, 2007, 12:00 AM EST) -- A court on Friday gave preliminary approval to a $1 billion settlement between Goodyear Tire & Rubber Co. and about 30,000 retirees and dependents, moving a dispute over whether Goodyear could change employees' health benefits closer to a resolution.

The settlement would create a trust, known as a Voluntary Employees' Beneficiary Association, responsible for distributing all future health care benefits to retirees and their dependents. Goodyear would make an initial contribution of $1 billion to to the VEBA, after which the trust would be managed by...
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