Class Action

$30 Million Settlement Proposed in Bridgestone Case

By classlawblog

According to PR Newswire, a settlement of $30 million has been proposed in a securities class action brought on behalf of investors against Bridgestone Corporation (”Bridgestone”) and Bridgestone’s U.S. subsidiary, Bridgestone Firestone North American Tire LLC (”Firestone”), where the plaintiffs allege an artificial price inflation of Bridgestone’s publicly traded common stock and American Depository Receipts during the period from March 30, 2000 to August 31, 2000.

The suit alleges Bridgestone and Firestone made false and misleading statements designed to conceal the alleged defects of various ATX, ATX II, and Wilderness AT tires in violation of Section 10(b) of the Securities Exchange Act of 1934.  The United States District Court for the Middle District of Tennessee will have a hearing on January 23, 2009 to decide whether to approve the proposed settlement.

Full post as published by ClassLawBlog.com on October 27, 2008 (boomark / email).