A foundation in the Netherlands has initiated a class action lawsuit against Stellantis, alleging deceptive practices by Fiat Chrysler in emissions testing. Fiat Chrysler was implicated in the emissions technology scandal that affected the automotive sector beginning in 2015, commonly referred to as Dieselgate. The Amsterdam district court is expected to decide on next steps on 4 December 2024.
Stellantis was established in early 2021 through the merger of Fiat Chrysler Automobiles (FCA) and France’s Peugeot (PSA). The company’s headquarters are situated in Hoofddorp, Netherlands, in proximity to Amsterdam.
A significant number of consumer class action lawsuits are presently pending in national courts, with several already having reached settlements.
The Fiat Chrysler Investors Recovery Foundation has started this lawsuit to seek compensation for the financial damages incurred by investors adversely affected by the automobile manufacturer’s cheating on vehicle emissions testing. The foundation asserts that Fiat Chrysler failed to disclose the presence of unlawful software intended to hide emissions in its vehicles and that this lack of transparency has resulted in detriment to investors. After each publication regarding its involvement, the price of Fiat Chrysler shares fell sharply.
Investors who purchased or held shares in Fiat Chrysler on the Mercato Telematico Azionario (MTA) stock exchange in Milan, Italy, between 13 October 2014 and 23 May 2017 are eligible to participate in the legal action.
Fiat Chrysler, Peugeot PSA, and Opel, which are all part of the Stellantis group, have been subject to investigations in Europe alongside various other automotive manufacturers following the Volkswagen diesel emissions scandal. This scandal, which has reportedly been concealed by Fiat Chrysler and numerous other carmakers for years, probably had repercussions for millions of investors globally. It is anticipated that additional security class actions will commence soon in other European jurisdictions.
The foundation’s class action is being funded by CF Bronze Ltd, a company linked to Fortress Investment Group. Should the claim succeed, the funder will be repaid for the costs incurred in advance, and it will receive a success fee amounting to a maximum of 25% of the total proceeds from the remaining funds.
More information about the collective action is available here: https://www.fiatchryslerinvestorsrecovery.com/
