On October 20, 1978, Firestone recalled over 7 million Firestone 500 tires,[20] the largest tire recall to date. Congressional hearings into the 500 also took place in 1978. The tire was found to be defective and the cause of 250 deaths. In May 1980 after finding that they knew the tires were defective, the NHTSA fined Firestone $500,000 USD, which at that time was the largest fine imposed on any U.S. corporation and the largest civil penalty imposed since passage of the 1966 National Traffic and Motor Vehicle Act. Multiple lawsuits were settled out of court and the constant negative publicity crippled the company's sales and share price.[21]
Harvard Business School and Wharton School of the University of Pennsylvania taught classes and wrote papers on the issues of misjudgments and poor decision-making by the management of Firestone.[21][22] After years of bad publicity and millions paid out in compensation to victims, Firestone was losing vast amounts of money, and its name was severely damaged.[23][24][25]
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