Michelin North America, Michelin Retread Technologies, and Bandag announced Tuesday that they have reached a settlement in their ongoing litigation.

In September 1999, Bandag filed suit against the two U.S.-based divisions of Michelin, claiming that the tire maker was trying to drive the retreader out of business by misappropriating trade secrets, spreading false rumors about Bandag, and engaging in predatory pricing.
Two months later, Michelin countersued, contending that Bandag had "engaged in exclusionary conduct" to keep its monopoly position in the retread tire business.
As a result of the settlement agreement, all parties have been dismissed from the litigation. Michelin and Bandag have agreed to dismiss all financial claims against all parties. The agreement brings to a close the trial in the United States District Court in Des Moines, Iowa, that began May 13.