Fiat Chrysler (FCAU, $15.77) Will Pay Hundreds of Millions For Settling Diesel Vehicles' Emissions Charges

Fiat Chrysler is reportedly shelling out roughly $800 million in fines and penalties towards the settlement of charges that its diesel vehicles sold in the U.S. violated emissions rules. The amount was disclosed by a person familiar with the details, according to CNN.  The settlement does not include any admission of wrongdoing by the automaker, though.

According to the source, fines of about $305 million would be split among the US Justice Department, the Environmental Protection Agency and the California Air Resources Board. Fiat Chrysler will make payments of up to $2,800 per vehicle to the owners of 100,000 diesel-powered Jeep SUVs and Ram pickup.

Two years ago, regulators accused that Fiat Chrysler had installed software on 100,000 diesel-powered cars and trucks as a way to cheat on diesel emissions tests. However,  the automaker has always denied the allegations of cheating while emphasizing that the software for its diesel car engines is a legitimate way to meet emissions rules. 

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Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.