A U.S. District Court judge in New Jersey has approved a $236 million settlement between Goodyear Tire & Rubber Co. and owners and former owners of properties where Goodyear's Entran II radiant heating/snow melting hose was installed.
Goodyear has agreed to contribute $76 million to a settlement fund over the next five years and could add a total of $40 million in contingency payments if certain performance goals are met starting next year and ending in 2007, say Goodyear officials.
Goodyear supplied its Entran II product to Chiles Power Supply, a designer of hydronic radiant heating systems.
Plaintiffs claim the hose is defective.
"A fairness hearing will be scheduled to review the terms of the settlement," say Goodyear officials.
