Dutch shareholders are suing Fiat’s parent company Stellantis over illegal software.
Will it never end? Volkswagen’s Dieselgate is of course the best-known, but the German brand was certainly not the only one with illegal software to evade emissions tests.
The former Fiat Chrysler was also guilty of this. The brand did not acknowledge this during the period 2014 and 2017, according to the prosecutors. The software used during that period was aimed at concealing emissions and that is of course not done.
Non-profit foundation
The Dutch non-profit organization Fiat Chrysler Investors Recovery Stichting represents Dutch investors who they believe have been disadvantaged by this and is suing Fiat Chrysler’s legal successor, Stellantis. Incidentally, according to us, these investors are certainly not non-profit investors, but they have certainly thought carefully about the construction.
Stellantis was formed in 2021 after a merger between Fiat Chrysler Automobiles (FCA) and the French PSA. Stellantis does not believe that the lawsuit will yield anything for the plaintiffs and will defend itself tooth and nail, we read in a response to the Reuters news agency.
American link
FCA US LLC, a division of Stellantis operating in the United States, pleaded guilty in 2022 to criminal conspiracy in connection with diesel emissions fraud and paid a $300 million fine. There must be more to be gained, the Dutch shareholders must have thought.
The current claim is therefore financed by the American asset manager Fortress Investment Group. If you yourself also had shares in FCA between 2014 and 2017 on the Milan stock exchange, you can still register to join the claim and co-sue Fiat.
The court in North Holland will review the charges and decide on the next steps on December 4, 2024. We are curious!
