DETROIT – The U.S. arm of Japan's Bridgestone Corp. (search) Wednesday said it will pay Ford Motor Co. (F) $240 million to settle a longstanding dispute between the companies over Ford's massive Firestone tire safety recall.
In 2001, in one of the biggest recalls in U.S. history, former Ford Chief Executive Jacques Nasser (search) said the automaker would spend $3 billion to replace 13 million Firestone tires, installed mostly as original equipment on the company's popular Explorer sport utility vehicle.
Federal regulators have linked tread separation on the tires, and resulting rollover accidents, to about 270 deaths and more than 800 injuries in the United States.
Ford and Bridgestone Firestone North American Tire LLC both said the settlement laid to rest all remaining matters between the two companies stemming from the safety recall.
"We have resolved all of our differences with Bridgestone Firestone amicably," Ford said in a statement.
Ford spokeswoman Kathleen Vokes said some class-action lawsuits were still pending against the second-largest U.S. automaker related to the Firestone and Explorer safety dispute.
Vokes added that Ford expected the lawsuits to be dismissed but not as a result of Bridgestone Firestone's settlement with the Dearborn, Mich.-based, company.