Bridgestone Corp. (PINKSHEETS: BRDCF), a Japanese tire manufacturer, has reached a settlement in the securities class action pending against it in the M.D. of Tennessee. The case, originally filed in January 2001, stems from allegations that Bridgestone disseminated false and misleading statements to conceal the existence of defects in a model of tires manufactured by the company. The court granted preliminary approval of the settlement on September 30, 2008.
The settlement is for $30 million. The 10b-5 Daily has previously posted about collective scienter issues in the case.