$1B Goodyear Settlement With Retirees Finalized

Law360, New York (August 25, 2008, 12:00 AM EDT) -- A federal court has granted final approval to a $1 billion settlement between Goodyear Tire & Rubber Co. and a class of 30,000 retirees and dependents, resolving the dispute over Goodyear’s attempt to change employees’ health benefits.

Judge John R. Adams of the U.S. District Court for the Northern District of Ohio approved the settlement between Goodyear and the United Steelworkers union on Friday. The settlement creates a trust called the Voluntary Employees' Beneficiary Association.

Goodyear will contribute $1 billion to the trust, and roughly $113...
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