December 8, 2021

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Dieselgate, Fiat Chrysler refund starts in US

The commission overseeing the U.S. stock market, the SEC, on Tuesday launched a redemption distribution program for investors affected by breaches of emission regulations. Fiat Chrysler Automobiles, with $ 9.5 million in repair funds.

U.S. oversight officials charge advertising Fca Lied in two different press releases, in which the company said a Interior Audit, I.e., an internal investigation showed that no algorithms were used to modify the results of the emission tests.

News releases

Two press releases were issued a few months after the scandal Dieselgate By Volkswagen. They are also explicitly targeted at investors, the FCA being listed on the Piazza Afari in Milan and the New York Stock Exchange, the US stock exchange since October 2014.

The German carmaker used it in its engines Device To reduce the emissions produced by its cars, exceeds Clean air frame American. When the fraud was discovered by the Environmental Protection Agency on September 18, 2015 and reported to the German company by the authorities, its shares plunged 30 percent in the stock market. Since then, investors and the media have asked other carmakers to calculate the systems adopted in their engines.

In the following days, the FCA began an internal investigation into the emission control systems in its vehicles, confirming that they did not use devices similar to German ones.

In February 2016, the FCA released a press release and annual report. According to the study results, he twice claimed that his cars did not have the equipment to understand when the engines were being subjected to laboratory tests and therefore comply with emission standards.

However, those communications, published by one of the world’s most important carmakers, were misleading “because” according to US officials, and we read in the company’s administrative practice for the stock market, “they did not provide an adequate explanation. The internal investigation focused solely on identifying” Device Is similar to that used by Volkswagen and instead is not a general amendment to comply with emission rules.

In addition, officials from the Environmental Protection Agency and the California Air Resources Board at the time raised concerns about the emission systems of the FCA’s eco-diesel engines, according to the US “Concepc” rule.

Meetings began in November 2015, and during press releases, discussions with FCA executives were ongoing. In essence, investors guaranteed by the FCA at the time were also disappointed.

The FCA paid a fine of $ 9.5 million, which was deposited in a US Treasury bank account and set aside as a fund to repay investors who suffered losses due to FCA miscommunication. With the approval of the repayment plan, the civil branch of the Dieselgate case in the United States was closed, for which Fiat Chrysler paid about $ 800 million in fines to the authorities and refunded to consumers. However, an investigation is still open against some former FCA managers in the United States and investigations and controversies in other countries.

200 million has been allocated

The company has been subject to criminal proceedings since September 2019, when it filed a complaint against U.S. Justice Manager Emanuel Palma for fraud, misrepresentation and breach of emission rules, as reconstructed in Stellandis’ latest half-yearly report.

Then in April 2021, two of his superiors at the time, Sergio Pacini, and Gianluca Sabbioni, manager of Vm Motori di Cento, a subsidiary dealing with emissions control devices, were arrested in Italy on a US government arrest warrant. Eight charges.

Stellandis’ balance sheet states that all three were “placed on administrative leave following the charges.” Meanwhile, the company is continuing discussions with the judiciary to “reach a sufficient resolution” for the trial. The Frankfurt Attorney’s Office is also investigating the case.

Already set aside மில்லியன் 200 million by 2020 to pay any fines on the balance sheet, the company continues to believe its “best rating”.

For the rest, Stellandis’ balance shows how the Italian Ministry of Transport has guaranteed the authenticity of the Italian company’s vehicle approvals to German authorities and the Dutch government. The latter was ready to recall some Euro 5 Cherokee Jeep models. Negotiations with Dutch regulators continued and the FCA proposed “some updates to the affected vehicles”, which were approved. However, in the budget, “this question is still pending”. A Dutch foundation a Class activity, 700 personal complaints have been registered in Germany. In addition, the Paris Attorney’s Office, which has already been investigating Beguirre and Citron, began an investigation into the FCA last July, alleging fraud in emissions from E6 diesel vehicles sold between 2014 and 2017. Finally, the FCA was fined. The Korean Ministry of Environment revoked the accreditation for 2,400 vehicles sold between 2015 and 2017, albeit for a small amount. The company has appealed against the decision, while the Trade Commission speculates another breach of Korean law.

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