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<blockquote data-quote="Weather Man" data-source="post: 16777571" data-attributes="member: 137766"><p><h3><a href="https://seekingalpha.com/news/3842650-stellantis-settles-fiat-chryslers-emissions-fraud-case-for-300-million-reuters?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Stellantis settles Fiat Chrysler’s emissions fraud case for $300 million - Reuters</a></h3><p><a href="https://seekingalpha.com/symbol/STLA?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">STLA -0.63%</a>May 25, 2022 10:06 AM ET</p><p>Stellantis (NYSE:<a href="https://seekingalpha.com/symbol/STLA" target="_blank">STLA</a>) is settling with US authorities to move removed the regulatory overhang on Fiat Chrysler, according to Reuters.</p><p></p><p>Per an <a href="https://www.reuters.com/legal/government/exclusive-stellantis-unit-fca-reaches-plea-deal-us-emissions-probe-sources-2022-05-25/" target="_blank">exclusive report</a> from the news agency, Stellantis (<a href="https://seekingalpha.com/symbol/STLA" target="_blank">STLA</a> -0.8%) agreed to plead guilty to criminal conduct and pay $300 million to close the book on a fraud probe related to company’s alleged attempted to skirt emissions requirements on over 100,000 vehicles.</p><p></p><p>In an echo of Volkswagen’s (<a href="https://seekingalpha.com/symbol/VWAGY" target="_blank">OTCPK:VWAGY</a>) “Dieselgate”, the EPA first accused Fiat Chrysler of obscuring its emissions for diesel vehicles in 2017. The initial complaint alleged that the European automaker used surreptitious software to allow excess diesel emissions to go undetected.</p><p></p><p>The new deal builds upon a <a href="https://www.epa.gov/enforcement/fiat-chrysler-automobiles-clean-air-act-civil-settlement-information-sheet" target="_blank">prior agreement</a> with the Environmental Protection Agency (EPA) to settle complaints related to violations of the Clean Air Act and California law. Under that agreement, the automaker agreed to pay a civil penalty of $305 million “to settle claims of cheating emission tests” in 2019.</p><p></p><p>A plea deal for the latest agreement is expected to be announced as soon as next week.</p><p>Read more on recent <a href="https://seekingalpha.com/news/3840513-volkswagen-expected-to-receive-eu-antitrust-approval-for-europcar-deal" target="_blank">regulatory pressures on Volkswagen</a>.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16777571, member: 137766"] [HEADING=2][URL='https://seekingalpha.com/news/3842650-stellantis-settles-fiat-chryslers-emissions-fraud-case-for-300-million-reuters?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Stellantis settles Fiat Chrysler’s emissions fraud case for $300 million - Reuters[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/STLA?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']STLA -0.63%[/URL]May 25, 2022 10:06 AM ET Stellantis (NYSE:[URL='https://seekingalpha.com/symbol/STLA']STLA[/URL]) is settling with US authorities to move removed the regulatory overhang on Fiat Chrysler, according to Reuters. Per an [URL='https://www.reuters.com/legal/government/exclusive-stellantis-unit-fca-reaches-plea-deal-us-emissions-probe-sources-2022-05-25/']exclusive report[/URL] from the news agency, Stellantis ([URL='https://seekingalpha.com/symbol/STLA']STLA[/URL] -0.8%) agreed to plead guilty to criminal conduct and pay $300 million to close the book on a fraud probe related to company’s alleged attempted to skirt emissions requirements on over 100,000 vehicles. In an echo of Volkswagen’s ([URL='https://seekingalpha.com/symbol/VWAGY']OTCPK:VWAGY[/URL]) “Dieselgate”, the EPA first accused Fiat Chrysler of obscuring its emissions for diesel vehicles in 2017. The initial complaint alleged that the European automaker used surreptitious software to allow excess diesel emissions to go undetected. The new deal builds upon a [URL='https://www.epa.gov/enforcement/fiat-chrysler-automobiles-clean-air-act-civil-settlement-information-sheet']prior agreement[/URL] with the Environmental Protection Agency (EPA) to settle complaints related to violations of the Clean Air Act and California law. Under that agreement, the automaker agreed to pay a civil penalty of $305 million “to settle claims of cheating emission tests” in 2019. A plea deal for the latest agreement is expected to be announced as soon as next week. Read more on recent [URL='https://seekingalpha.com/news/3840513-volkswagen-expected-to-receive-eu-antitrust-approval-for-europcar-deal']regulatory pressures on Volkswagen[/URL]. [/QUOTE]
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