From United Press International
CINCINNATI — A federal court has upheld the dismissal of a lawsuit filed by Ford Motor Co. stockholders, accusing Ford of hiding data on the safety of Ford Explorer tires.
The class-action suit was filed in 2000 by a group of Ford shareholders, including the Public School Teachers’ Pension and Retirement Fund of Chicago, the International Brotherhood of Electrical Workers Local 98 and the Ohio Tuition Trust Authority, the Detroit News reported Tuesday.
The plaintiffs claimed Ford omitted information concerning alleged dangers of Explorer models equipped with Bridgestone/Firestone ATX tires when making statements about the quality and safety of the vehicle.
Ford came under intense scrutiny from federal regulators after Firestone tires failed, mostly on Explorer models. Firestone was eventually forced to recall millions of tires.
In the suit, the groups also suggested Ford’s financial statements during the recall period were false since Ford failed to include information concerning possible liability of related lawsuits and recalls.
A three-judge appellate panel in Cincinnati, Ohio, rejected arguments that Ford misled investors by repeatedly touting its quality as “its best ever” and stating “quality comes first.”
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