Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

U.S. Supreme Court turns away GM bid to revive racketeering suit against Fiat Chrysler

Published 04/17/2023, 09:50 AM
Updated 04/17/2023, 02:16 PM
© Reuters. FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018.  REUTERS/Rebecca Cook/File Photo
GM
-

By John Kruzel

WASHINGTON (Reuters) -The U.S. Supreme Court on Monday declined to hear a bid by General Motors Co (NYSE:GM) to revive its racketeering lawsuit against rival automaker Fiat Chrysler Automobiles (FCA), now part of Franco-Italian automaker Stellantis NV, over bribery allegations involving the United Auto Workers union.

The justices turned away an appeal by General Motors of a lower court's dismissal of its lawsuit that accused Fiat Chrysler of bribing employee union officials in a bid to undermine GM and pressure the Detroit-based automaker into a merger with FCA.

GM said it would continue pressing its case against Stellantis in Michigan state court, where it said its claims are different and broader.

"Today’s decision has no impact on that case and our efforts to hold defendants accountable for the harm they inflicted on GM as a result of their admitted corruption," GM spokeswoman Maria Raynal said in an email.

Stellantis in a statement praised the court's decision to turn away what it described as "baseless claims" by GM.

"Today's decision upholding the district court's dismissal of GM's lawsuit is another reaffirmation that its claims are meritless," Stellantis said.

GM brought a civil lawsuit in 2019 under the Racketeer Influenced and Corrupt Organizations Act, a law designed to target organized crime, claiming FCA bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars. GM sought an estimated $6 billion in damages.

A federal judge in Michigan dismissed the lawsuit in 2020, saying GM's alleged injuries were not legally caused by FCA's conduct. The Cincinnati-based 6th U.S. Circuit Court of Appeals last August agreed.

"Even accepting GM's theory as true, the chain of causation between FCA's bribes and GM's injury is still too attenuated," the 6th Circuit wrote.

© Reuters. FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018.  REUTERS/Rebecca Cook/File Photo

A separate federal corruption investigation led to at least 17 criminal convictions, including former FCA employees and two former UAW presidents, after FCA and UAW officials admitted embezzling funds for their personal benefit, using the funds for liquor, cigars, golf outings and expensive hotel stays.

In 2021, FCA US was sentenced to probation after pleading guilty to making more than $3.5 million in illegal payments to UAW officers. FCA paid a $30 million fine while the UAW agreed to independent oversight to resolve the U.S. Justice Department investigation.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.