Saturday, June 11, 2011
Report: Ohio judge orders Ford to pay $2B to dealers over class-action suit
An Ohio judge ordered Ford to pay $2 billion to thousands of its dealerships to settle a 2002 lawsuit. Dealers brought the class-action lawsuit after Ford overcharged them for commercial trucks over an 11-year period.
The cash reward breaks down like this: $781 million in damages and $1.2 billion in interest will be divided up among nearly 3,000 dealerships after being overcharged on nearly 475,000 trucks.
According to Ford, the lawsuit covered 600 Series and higher trucks built between 1987 and 1997. Dealers accused Ford of failing to let them know about price concessions given to some dealers. Ford says it will appeal the decision, so the $2B likely isn't going anywhere just yet.Permalink | Email this | Comments