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Category Archives: litigation
FCA Fined $9.5 Million for Diesel Emissions Abuses
FCA’s statements did not sufficiently disclose the limited scope of its internal audit, which focused only on finding a specific type of defeat device, or that the audit was not a comprehensive review of FCA’s compliance with U.S. emissions regulations. Continue reading
Posted in electronics, engineering, environment, litigation
Tagged auto industry commentary, autoinformed, autoinformed.com, carb, Death of the diesel, dieselgate, epa, Ken Zino, sec
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SEC Settles Charges Against Clean Water Project Founder
The complaint alleges that only $650,000 of the $7.2 million raised made it to the project’s bank account. According to the complaint, Sembritzky spent the rest of the money on such personal items as a $2 million condominium for his then-wife, luxury cars, jewelry, and credit card debt. Continue reading
BorgWarner Cops SEC Plea for Materially Misstating Financial Statements Concerning Asbestos Litigation
According to the SEC’s order, BorgWarner did not conduct any substantive quantitative analysis to estimate these asbestos claims, despite possessing nearly 40 years of historical raw claims data. BorgWarner also admitted that its internal controls over financial reporting were ineffective. Continue reading
Posted in environment, financial results, litigation
Tagged asbestos litigation, auto industry commentary, autoinformed, autoinformed.com, BorgWarner, Ken Zino, sec
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Death of the Diesel: Daimler in US to Pay $1.5B for Noxious Diesel Emissions Fraud
For the settlements with the U.S. authorities, Daimler expects costs of approx. USD 1.5 billion* (€1.27 billion). The estimated cost of the class action settlement is ~$700 million (~ €592 million) including the court’s anticipated award of attorneys’ fees and costs. In addition, Daimler estimates further expenses of a mid-three-digit-million Euro amount to fulfill requirements of the settlements. Continue reading
Pennsylvania Sues Carlisle to Stop Swap Meet
Carlisle Events appears to be in a tenuous legal position since it asked for a waiver on June 9, 2020, according to the suit. Then never filed a response to inquiries about how guidelines would be followed. Continue reading
Posted in economy, environment, litigation, news analysis, people, safety
Tagged auto industry commentary, autoinformed.com, Carlisle Swap Meet, COVID-19, Ken Zino
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Draining the Swamp – California, 22 States Sue to Stop Trump Emissions Rollback Citing Economic, Health and Climate Goals
The California Air Resources Board helped develop the original 2012 rules and is represented in this case by the California Attorney General. Trump is among global warming deniers, a position – as usual – that has no basis in fact but is funded by lobbying groups for those who benefit from exploiting fossil fuels. Continue reading
Airbag Shrapnel at Nissan Prompts Recall of 216,678
The rupture may result in metal fragments striking the driver or other occupants resulting in serious injury or death. The so-called PSDI-5D inflator – no surprise here – was made by now bankrupt Takata at Monclova, Mexico. How long Nissan new about the deadly defect is unknown. In the required NHTSA filing, it said the Chronology will be supplied later. Continue reading
Volkswagen Condemns USWNT Exploitation of Women
USSF President Carlos Cordeiro’s weak and mild expression of regret on Wednesday night came after The Coca-Cola Co. lambasted the federation for supporting lesser pay for its female stars. Coca-Cola called the federation’s assertion in documents filed earlier this week “unacceptable and offensive.” Continue reading
Wells Fargo to Pay $500 Million for Misleading Investors
Wells Fargo has agreed to pay $500 million to settle the charges, which will be returned to investors. The $500 million payment is part of a combined $3 billion settlement with the SEC and the Department of Justice. Continue reading
Punch It Performance and Tuning to Stop Selling Illegal Devices to Defeat Emissions Controls
“EPA will vigorously pursue and prosecute companies who attempt to circumvent emission controls that are required to reduce air pollution,” said EPA. Continue reading
Japanese Issue Arrest Warrant for Wife of Carlos Ghosn
Mr. Ghosn has scheduled a press conference today in Lebanon to give some comments on his arrest and pending trial. Carole Ghosn, not surprisingly, has been a vocal critic of the charges and Japanese justice system that is perverse by western standards. Continue reading
Nissan Blasts Ghosn as Unfit to Serve as An Executive
“The internal investigation found incontrovertible evidence of various acts of misconduct by Ghosn, including misstatement of his compensation and misappropriation of the company’s assets for his personal benefit,” Nissan said. Continue reading
Reuters Reports Carlos Ghosn Jumps Bail Before His Trial and Flees Japan for Lebanon Where He Can’t Be Extradited
“Ghosn’s abrupt departure marks the latest dramatic twist in a year-old saga that has shaken the global auto industry, jeopardized the alliance of Nissan Motor Co Ltd and its top shareholder Renault SA and cast a harsh light on the fairness of Japan’s judicial system,” Reuters reported. Continue reading
Posted in fools 'n frauds, litigation, people
Tagged auto industry commentary, autoinformed.com, Kenneth Zino, Reuters on Ghosn
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Universal City Nissan Sues Saudi Billionaire, Khaled al-Juffali and Nissan Motor, Among Others, over Payoff by Carlos Ghosn
auto industry commentary, autoinformed.com, Ghosn Matter, Kenneth Zino, West Covina Nissan, Glendale Nissan/Infiniti, Universal City Nissan, Morris Sage, Khaled al-Juffali, Byron Z. Moldo, Continue reading
Posted in fools 'n frauds, litigation, people
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Commerce – Countervailing Duties on Vietnamese Cars,Tires
Among the subsidies preliminarily countervailed is Vietnam’s undervalued currency. This is the first time that Commerce has ever made an affirmative CVD determination regarding a foreign currency with a unitary exchange rate. Commerce will instruct U.S. Customs and Border Protection to collect cash deposits from importers of passenger tires from Vietnam based on these preliminary rates above. Continue reading →