Cooper Tire & Rubber Co. has sought final court approval to resolve a series of class action lawsuits filed against the tiremaker over the past year.
The Findlay, Ohio-based manufacturer's proposed settlement package includes a five-year program offering a free replacement tire against separations for all steel-belted radials made by Cooper from 1985 through 2001, the enhancement of existing warranties, and a consumer education program that promotes tire safety.
Plaintiffs will not receive cash awards as part of the deal.
In a hearing held earlier this week in New Jersey, both Cooper and plaintiffs' attorneys agreed that the settlement would benefit customers, according to an official statement from Cooper.
Judge Marina Corodemus, Superior Couft of New Jersey, will allow documents to be submitted until next Wednesday.
"Then she'll issue her final ruling," says a Cooper spokeswoman.
Cooper officials are not sure when the ruling will take place.
