Pomerantz achieved a significant victory for investors in Fiat Chrysler on September 5, when U.S. District Judge Jesse M. Furman granted final approval to a $110 million settlement with the automaker. “Counsel has secured a substantial recovery for the class,” the judge said.
The litigation against one of the world’s largest car manufacturers involved accusations that the defendants misled investors when they asserted that the company was complying with its obligations to conduct safety recalls under regulations promulgated by the National Highway Traffic Safety Administration as well as with emissions regulations, promulgated by the Environmental Protection Agency and the European Union, designed to control emissions of Nitrogen Oxide. The complaint alleged that the automaker’s filings with the U.S. Securities and Exchange Commission, which said it was "substantially in compliance" with emissions and other safety regulations, were fraudulent.
The settlement benefits investors who bought Fiat Chrysler stock between October 2014 and May 2017. The case is Pirnik et al. v. Fiat Chrysler et al., 1:15-cv-07199, in the U.S. District Court for the Southern District of New York.