Ford (F) Seeks to Overturn Multi-billion Dollar Ohio Ruling
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Price: $14.00 +2.87%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.8%
Revenue Growth %: -5.3%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.8%
Revenue Growth %: -5.3%
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Ford Motor Co. (NYSE: F) shares continue to trade at or near Friday's lows, even as the automaker has appealed to reverse a multi-billion dollar ruling.
According to Bloomberg this afternoon, Ford has requested an appeals court overturn a $2 billion judgement requiring Ford pay to commercial truck dealers who believe they were overcharged by Ford for an 11-year time span.
Ford was sued by the dealers in 2002, alleging the automaker broke an agreement to sell trucks at published prices, forcing the dealers to pay more from 1987 through 1998.
One Ohio judge upheld a ruling Ford pay an Ohio dealer $4.5 million in damages. The judge also said Ford should pay similar damages to 3,000 other dealers, though these amounts vary. The total amount of $2 billion includes $1.2 billion in interest.
Ford believes the judge improperly found Ford liable for breaching the agreements, and prevented the automaker from defending itself. The judge also shouldn't have applied his findings across thousands of dealerships, Ford contests.
The award is about five-times higher than any other judgement brought about against Ford, according to Bloomberg data.
Ford is 2.8 percent lower Friday.
According to Bloomberg this afternoon, Ford has requested an appeals court overturn a $2 billion judgement requiring Ford pay to commercial truck dealers who believe they were overcharged by Ford for an 11-year time span.
Ford was sued by the dealers in 2002, alleging the automaker broke an agreement to sell trucks at published prices, forcing the dealers to pay more from 1987 through 1998.
One Ohio judge upheld a ruling Ford pay an Ohio dealer $4.5 million in damages. The judge also said Ford should pay similar damages to 3,000 other dealers, though these amounts vary. The total amount of $2 billion includes $1.2 billion in interest.
Ford believes the judge improperly found Ford liable for breaching the agreements, and prevented the automaker from defending itself. The judge also shouldn't have applied his findings across thousands of dealerships, Ford contests.
The award is about five-times higher than any other judgement brought about against Ford, according to Bloomberg data.
Ford is 2.8 percent lower Friday.
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