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May 21, 2002 02:00 AM

Michelin and Bandag settle retreading lawsuit

Tire Business Staff
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    DES MOINES, Iowa (May 21, 2002) — Michelin North America Inc., its Michelin Retread Technologies Inc. subsidiary and Bandag Inc. have reached a settlement in their ongoing litigation concerning competition in the retreading arena.

    As a result, all parties have been dismissed from the litigation, Michelin and Bandag said, and the parties have agreed to dismiss all financial claims against each other.

    The agreement brings to a close the trial in the U.S. District Court in Des Moines that began May 13.

    The case began in 1999 when Bandag filed a lawsuit against Michelin alleging that it tried to eliminate Bandag as a competitor in the retreading market. Michelin countersued, claiming Bandag holds a monopoly on the retreading industry. Greenville, S.C.-based Michelin also named Bridgestone/Firestone in the suit, alleging BFS and Bandag conspired to prevent retreaders from adopting Michelin's retreading system by offering financial incentives.

    Bandag had been seeking at least $8.75 million in damages against Michelin plus punitive damages, according to the Muscatine, Iowa-based retread supplier's 10-K report.

    Michelin, meanwhile, sought $146.1 million in damages against Bandag and Bridgestone/Firestone plus treble damages, the report stated.

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