DaimlerChrysler to settle a lawsuit with insurers

DaimlerChrysler to settle a lawsuit with insurers

DaimlerChrysler has said that they have agreed to settle their lawsuit with a group of insurers. The dispute was related to recovering the costs of a U.S. class-action lawsuit in 2003.

The spokesperson for both the parties said that an agreement had been reached. However, no details were issued.

DaimlerChrysler had originally agreed in August 2003 to pay some U.S. shareholders around 275 million Euros. This was to settle allegations that their deal to form the world’s fifth-biggest carmaker was a takeover of Chrysler by Daimler-Benz, not a merger of equals.

DaimlerChrysler had then said that the insurance would cover up to 200 million Euros of the cost.