Stellantis To Settle Multi-Year DOJ Probe for $300M

  • Stellantis N.V. STLA, owned U.S. business of Fiat Chrysler Automobiles, looks to pay $300 million to resolve a multi-year U.S. Justice Department diesel emissions fraud probe.
  • FCA U.S.'s non-compliance with the emissions provisions for over 100,000 older Ram pickup trucks and Jeep sport-utility vehicles in its U.S. lineup led to the penalty, Reuters reports.
  • The DOJ alleged FCA U.S. "purposely calibrated the emissions control systems" to produce fewer emissions during the federal test procedures than during normal driving conditions.
  • The settlement includes a $203.6 million forfeiture penalty and a $96.1 million fine. 
  • The FCA US previously paid a $311 million civil penalty and $183 million compensation for a class-action diesel lawsuit.
  • FCA U.S. will be on probation for three years. 
  • FCA U.S. needs to conduct an initial review of its compliance with the Clean Air Act and inspection and testing procedures, submit a report and prepare at least two follow-up reviews and reports. 
  • Price Action: STLA shares traded higher by 1.49% at $15.01 in premarket on the last check Monday.

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