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US prepares to sue Fiat Chrysler over diesel emissions testing

NEW YORK - The Justice Department plans to file a civil lawsuit against Fiat Chrysler Automobiles NV over excess diesel emissions as early as this week if no agreement is reached with the Italian-American automaker, two sources briefed on the matter said on Wednesday. The Environmental Protection Agency in January accused FCA of illegally using undisclosed software to allow excess diesel emissions in about 104,000 cars and SUVs, the result of a probe that stemmed from regulators' investigation of rival Volkswagen AG. The EPA and California Air Resources Board have been in talks with FCA about the excess emissions and whether the agencies would approve the sale of 2017 FCA diesel models. A federal judge in California has set a May 24 hearing on a series of lawsuits filed by owners of vehicles against Fiat Chrysler and the Justice Department is expected to file its action by then if no agreement is reached. FCA said on Wednesday it believed that any litigation would be "counterproductive" to ongoing discussions with the EPA and California Air Resources Board. The company added that "in the case of any litigation, FCA US will defend itself vigorously, particularly against any claims that the company deliberately installed defeat devices to cheat U.S. emissions tests." The Justice Department took the same procedural step in early 2016 against Volkswagen, nearly four months after the German company admitted using software to emit excess diesel emissions in nearly 500,000 vehicles. The Justice Department has had an ongoing criminal investigation into FCA's conduct since last year, Reuters reported in January. The probe has turned up internal emails written in Italian and other documents about engine development and emissions issues, sources briefed on the probe said. U.S. regulators said FCA failed to disclose engine management software in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks with 3.0-liter diesel engines. The European Commission has launched legal action against Italy for failing to respond to allegations of emission-test cheating by Fiat Chrysler in a procedure that could lead to the country being taken to court. The EPA has said the maximum possible fine against FCA could be $4.6 billion. In February, FCA said it had received requests for information and subpoenas from U.S. federal and state authorities, including the Securities and Exchange Commission, for diesel issues.

VW of America boss Horn was aware of diesel cheat 18 months ago

We're just going to make a prediction: Volkswagen of America boss Michael Horn's congressional testimony, slated to begin today, is not going to go well. Based on a written testimony submitted by Horn, the exec is expected to tell Congress he knew his company was violating emissions regulations at least 18 months before it actually came clean. "In the spring of 2014... I was told that there was a possible emissions non-compliance that could be remedied," Horn wrote, in testimony published on the US House of Representatives' website (PDF warning). "I was informed that EPA regulations included various penalties for non-compliance with the emissions standards and that the agencies can conduct engineering tests which could include 'defeat device' testing or analysis. I was also informed that the company engineers would work with the agencies to resolve the issue." Horn's written testimony went on to outline how the company will "develop a remedy for our customers." It includes five points, ranging from the "world-wide investigation" being conducted by the company to reassurances that VW's engineers are "working tirelessly" on fixes to the four-cylinder diesel problems. Horn went on to confirm that each generation of the affected diesel – there are three – will require its own distinct fix. Finally, Horn went on to say that the company will "examine our compliance, processes, and standards" to prevent a repeat of the diesel catastrophe, while promising "open communication with our customers, dealers, employees, and the public as we move forward." We've included Horn's complete, three-page written testimony below. Have a look. Testimony of Michael Horn, President and CEO of Volkswagen Group of America, Inc. Before the House Committee on Energy and Commerce Subcommittee on Oversight and Investigations October 8, 2015 Chairman Upton, Chairman Murphy, Ranking Member Pallone, Ranking Member DeGette, other Members of the Committee, thank you for inviting me to testify before the Committee today. My name is Michael Horn, and I am the President and CEO of Volkswagen Group of America, a subsidiary of Volkswagen AG, headquartered in Wolfsburg, Germany. I have volunteered to come before this Committee at the very outset of these inquiries in an effort to show our commitment to cooperation. We have not had the opportunity to review all aspects of this matter, indeed the investigation is just beginning.

German judge 'inclined to dismiss' hedge fund lawsuit against Porsche

Last year, around two dozen investors, including hedge funds, leveled a 1.4 billion euro ($1.95 billion at the time) lawsuit against Porsche in connection with the automaker's attempted takeover of Volkswagen in 2008. The Stuttgart Regional Court dismissed the case. Around 19 of those plaintiffs are heading back to court to appeal the ruling and still hope to get 1.2 billion euros ($1.4 billion). However, according to one German judge, the chances for success aren't any better this time around. "On balance it's our view that we consider the lawsuit, or the appeal, to be unpromising for several reasons," Gerhard Ruf, a judge in Stuttgart, said to Reuters. "We are inclined to dismiss the case." The court's ruling on the appeal will be announced on March 26. The investors' case hinges on Porsche's strategy surrounding the botched takeover. The sports car maker said that it wasn't trying to control VW, when in fact it was. These hedge funds had bet against Volkswagen stock, but the share price surged when Porsche's plan inevitably came to light. Investors have sued the sports car company multiple times since then in attempts to recoup billions of dollars. However, none of the lawsuits have been successful, whether attempted in the US or Germany. Former Porsche CEO Wendelin Wiedeking and and CFO Holger Haerter might still stand trial for the alleged stock manipulation, though. News Source: ReutersImage Credit: Matthias Rietschel / AP Photo Government/Legal Porsche Volkswagen lawsuit hedge funds porsche lawsuit