Judge OKs Billion Dollar Cooper Tire Settlement

CHICAGO, Illinois; September 13, 2002 Reuters reported on the Cooper settlement:A New Jersey judge on Friday approved a class-action settlement that gives an extended warranty, but no cash payment, to as many as 40 million consumers who bought tires from Cooper Tire.

The settlement, valued by the court at $1 billion to $3 billion, also involves a consumer education campaign on tire safety and maintenance and enhanced inspections of Cooper Tire & Rubber Co.'s plants.

The case, which consolidated cases in 33 states, does not involve any personal injuries, property damage or product liability claims. It applies to those consumers who bought 135 million to 170 million Cooper tires from Jan. 1, 1985 to Jan. 6, 2002.