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Category Archives: litigation
Republican Rep. Christopher Collins Guilty of Insider Trading
Collins was the first U.S. Representative to endorse Donald Trump for President of the United States, perhaps recognizing a kindred spirit in his approach to self-serving actions, and he served on Trump’s presidential transition team. He resigned his seat in 2019 and afterwards pled guilty to insider trading and lying to the FBI. Continue reading
Fasten Your Seat Belt – General Motors Files RICO Lawsuit Against Fiat Chrysler Automobiles
In GM’s view FCA was the sponsor of “pervasive wrongdoing, paying millions of dollars in bribes to obtain benefits, concessions, and advantages in the negotiation, implementation, and administration of labor agreements over time.” Continue reading
Deadly Takata Airbags – Toyota Recalls +900K Vehicles Again
Thus, Toyota is recalling a recall on 97 models. The inflators may explode due to propellant degradation occurring after long-term exposure to high absolute humidity, temperature and temperature cycling. Continue reading
China – SEC Charges 18 Traders for Stock Manipulation
According to the SEC’s complaint, the traders used multiple accounts to place several small sell orders to drive down a stock’s price before using a different set of accounts to buy larger amounts of the stock at the artificially low prices. After amassing their position, the traders placed several small buy orders to push up prices so they could then sell their stock at artificially high prices. Continue reading
Ghosn Shakeout is Ongoing as Thierry Bolloré, CEO Renault SA, is Fired by the Board of Directors
The Carlos Ghosn matter has turned into farce as investigations into Nissan and its JVs with Renault 0n corporate governance practices post Carlos Ghosn revealed layers of incompetence and/or malfeasance, as well as various degrees of criminal activity that are rarely observed in western corporations. Continue reading
Fiat Chrysler Cops Plea on Fraudulently Reporting Sales
According to the SEC’s order, between 2012 and 2016, FCA US issued monthly press releases falsely reporting new vehicle sales and falsely touting a “streak” of uninterrupted monthly year-over-year sales growth. However, the growth streak had been broken in September 2013. Continue reading
SEC Charges Westport Fuels Systems and ex-CEO with Bribing a Chinese Government Official via a Private Equity Fund
According to the SEC’s order, beginning no later than 2016, Westport, acting through Gougarty and others, engaged in a scheme to bribe a Chinese government official to obtain business and a cash dividend payment by transferring shares of stock in Westport’s Chinese joint venture to a Chinese private equity fund in which the government official held a financial interest. Continue reading
Death of the Diesel: Volkswagen Board Crisis as Three Chairman Indicted in Germany for Stock Market Manipulation
As a result, the Supervisory Board of Volkswagen AG hastily convened a meeting, claiming that it was unaware that the indictments were coming since it was allegedly cooperating in the investigation by the public prosecutor. It will also meet again tomorrow to discuss what is company threatening development. Continue reading
Death of the Diesel: Daimler Guilty of Selling Dirty Diesels in Germany – Pays $957,000,000 Fine Rather than Litigate
The negligent violation of supervisory duties occurred on the department head level. It appears that the Daimler has refrained from taking a legal action challenging the fine notice because senior executives are not implicated. The public prosecutor’s administrative offense proceeding against Daimler AG is thereby fully concluded. This is not so at Volkswagen Group where senior executives were indicted today. Continue reading
SEC Charges and Settles False Financial Disclosures Against Nissan, Former CEO Carlos Ghosn, Former Director Greg Kelly
Critics no doubt will say the settlement is laughable given the amount of money involved. Continue reading
Center for Auto Safety, Consumer Watchdog Again Push FTC, State Attorneys General to Probe Tesla After Autopilot Death
Since the consumer groups called on the FTC to investigate one year ago, another American has died (that makes three known fatals), others have been injured, and “many more have acted recklessly as a result of deceptive practices by Tesla making their owners believe that a Tesla with ‘Autopilot’ is an autonomous vehicle capable of self-driving.” Continue reading
Facebook to Pay $100m for Misleading Investors on Risks from Misuse of User Data Helping Russian Attacks on US Democracy
According to the SEC’s complaint, in 2014 and 2015, the now-defunct advertising and data analytics company, Cambridge Analytica, paid an academic researcher, through a company he controlled, to collect and transfer data from Facebook to create personality scores for approximately 30 million Americans. Continue reading
SEC Charges Engine Manufacturing Company Execs with Fraud
According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. Continue reading
Nissan Scandal – a Gift That Keeps on Giving – Executive Officer and Vice COO Jun Seki Unexpectedly Resigns
The Nissan Corporate governance crisis is ongoing and comes as Nissan has started its new management under Representative Executive Officer, president and CEO Makoto Uchida as of December 1, 2019. Seki was to be a key executive in administering the turn-around that seeks to halt slumping sales, confusing brand images and expensive incentive programs. Continue reading →