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Recall Scare Hits Bridgestone Shares

Bridgestone shares dropped by 5.4 per cent following the filing of a lawsuit by an American lawyer, calling for the recall of 27.5 million Bridgestone Steeltex tyres. Potential costs of the action are estimated at $2.75 bn. The fall in share price and possible damage to brand image appear to be unwarranted, as the National Highway Traffic Safety Administration has already investigated the tyre and officially announced that it found no defects on Steeltex tyres.

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  3. Nokian Shares Dip After Morgan Stanley Downgrade
  4. Ford Reaches Settlement in Explorer Rollover Lawsuit
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US Dept. Of Transportation Sued

Auto safety pressure groups in the USA are suing the Department of Transport for allowing car manufacturers to use inferior tyre monitoring equipment. They claim that despite the NHTSA (National Highway Traffic Safety Administration) recognising that direct tyre pressure monitoring is superior to indirect tyre pressure monitoring, the Department was allowing the use of the inferior product on a cost basis. The groups filing the lawsuit include the New York Public Interest Research Group, Public Citizen and the Center for Auto Safety in New York.

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Judges Threatens Firestone Lawyers

A judge presiding over a Ford Explorer lawsuit, in which a student was left paralysed, has threatened lawyers acting for Firestone with a fine and a custodial sentence for deliberately causing a mistrial. The lawyers referred to the fact that the student bought a bag of marijuana before the accident, despite the fact that the judge had expressly forbidden any mention of the drug in case it prejudiced the jury. The judge has asked the lawyers to demonstrate why he should not fine them each $500 and impose six months in jail for “knowingly violating a court order in an attempt to obtain a mistrial.”

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Kerkorian Sells 16 Million DaimlerChrysler Shares

Kirk Kerkorian, the third-biggest shareholder in DaimlerChrysler, has reportedly halved his stake in the company by selling 16 million shares recently. It is said that he will continue with the $8 bn lawsuit he brought against the company, alleging that it misled shareholders when Daimler and Chrysler merged.

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More Action For Bridgestone

The beleaguered north American division of the Bridgestone Corporation is under yet another attack as a Philadelphia law firm has filed a class action lawsuit in Nashville accusing the company of stock fraud. The lawyers claim that the firm misrepresented its fiscal viability to stockholders by concealing claims against them in the ATX tyre failure episode. Further, the firm failed to disclose the cost of settlements and of replacing tyres. The law firm is seeking involvement from all investors who bought Bridgestone stock between March 31,1998 and August 31, 2000.

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Appeal Puts Goodyear Back In Court

China Tire Holdings Ltd and Orion Tire Corp’s Lawsuit against Goodyear has been sent back to the federal court by the 9th Circuit Court of Appeals. This revives a long-standing battle over China’s grant of a joint venture plant to Goodyear. The claimants say that Goodyear unlawfully persuaded a state-owned factory to abandon a contract with China Tire. China Tire alleges that Goodyear gave gifts, including jewellery, scholarships and travel to Chinese officials. The case though may face early dismissal if China Tire do not present adequate new pleadings.

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Law Suit Has Little Chance of Success Say DaimlerChrysler

DaimlerChrysler have said that they regard the nine billion Dollar law suit by its third largest shareholder, the Tracinda Investment Group, as completely unfounded. The lawsuit alleges that DaimlerChrysler have deliberately deceived the US Stock Exchange Control Institution as well as the shareholders. Analysts predict that this law suit has little chance of success. Although Deutsche Bank, the main shareholder of DaimlerChrysler, have demonstratively supported the management, the car manufacturer’s share price went down significantly to 45.85 Euros.

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Goodyear Sued By Customer

In the USA, Goodyear is defending a product liability lawsuit brought against the company by former customer Heatway Systems. Heatway alleges that Goodyear supplied it with millions of dollars worth of defective hoses, used in heating systems for buildings, which caused up to $2 bn of damage. Heatway has already paid $6.5 m to settle 119 claims.

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Suit Against Concorde Tyre Supplier?

A San Francisco-based specialist law firm is exploring the possibility of filing a lawsuit against Goodyear in Ohio and is contacting dependants of the crash victims. Goodyear has been the exclusive tyre supplier for Air France Concordes since 1995. Therefore the which crashed recently was equipped with Goodyear tyres, too. Whether or not a blown tyre caused the disaster is still not known and a Goodyear spokesman said “it’s way too early to make any assumptions or comments”.

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CAS Sues Ford And Bridgestone

In the USA, the Center for Auto Safety (CAS), the consumer group founded by Ralph Nader, has filed a lawsuit against Ford and Bridgestone/Firestone to try to force the companies to replace all Firestone ATX, ATX II and Wilderness tyres, irrespective of tyre size or place of manufacture. CAS says that the numbers involved would be at least double the current recall figure of 6.5 million tyres.

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This is the answer: Michelin filed law-suit against Bandag

Michelin filed a lawsuit against Bandag for illegally restricting competition in the US-retread market. The law-suit contends that Bandag has engaged in anti-competitive practices, which create a monopoly for it in the sale and distribution of tire retread systems.

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  1. Retreading Movement in USA
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