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CORRECTED-(OFFICIAL)-UPDATE 1-Ford says leasing suit settled

In Aug. 12 DETROIT item headlined "Ford says leasing suit settled for up to $87 million," please read in 2nd paragraph as... a class-action lawsuit filed in 1996 in California ... instead of ... a class-action lawsuit filed in August 2001 in Maryland ... (Ford corrects date and location of lawsuit).

Please read in 3rd paragraph as ... The lawsuit by two Ford owners claimed Ford Credit's late fees were excessive and bore no resemblance to actual costs ... instead of ... The lawsuit by two Mazda owners claimed Ford Credit's late fees on leases exceeded 6 percent, the maximum rate allowed under Maryland law ... (Company corrects details of lawsuit).

A corrected repetition follows:

DETROIT, Aug 12 (Reuters) - Ford Motor Co. said on Monday it had settled a class-action lawsuit over late fees on vehicle leases for as much as $87 million, depending on claims from 1.8 million customers nationwide.

The company said in a quarterly filing with the U.S. Securities and Exchange Commission that it had settled a class-action lawsuit filed in 1996 in California against its vehicle financing arm, Ford Credit.

The lawsuit by two Ford owners claimed Ford Credit's late fees were excessive and bore no resemblance to actual costs.

Ford said it mailed notices of the settlement to 1.8 million customers in July, and that if all submitted claims the maximum amount the automaker would have to pay is $80 million.

Ford also said it agreed to pay about $7 million to the attorneys in the case; a hearing for the final approval of the settlement is set for Sept. 20.

A Ford Credit spokesman could not immediately be reached for comment; other Ford spokespeople declined to comment. The company provided no further details about the suit in its filing.

The company separately announced that Chief Executive Bill Ford Jr. and Chief Financial Officer Allan Gilmour had certified the company's quarterly report.