Daimlerchrysler will recover about €168 million from insurers in settling a dispute over the costs of a US class-action lawsuit in 2003, a German newspaper reported today.
Daimlerchrysler and a group of insurance companies led by insurer ACE had reached an agreement shortly before the end of the year, the Financial Times Deutschlandsaid.
Neither Daimlerchrysler nor ACE were immediately available for comment.
Daimlerchrysler agreed in August 2003 to pay some US shareholders around €275 million to settle allegations that the 1998 deal to form the world's fifth-biggest carmaker was a takeover of Chrysler by Daimler-Benz, not a merger of equals as the company had said.
At the time, Daimlerchrysler said insurance would cover up to €200 million of the cost.
The newspaper report said that insurer AIG had already agreed to pay €25 million to Daimler and that the late December agreement with ACE meant that Daimler had recovered most of the money it had sought.