Category Archives: litigation

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

Posted in environment, fools 'n frauds, litigation, marketing | Tagged , , , , , , , | Leave a comment

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 , , , , , , | Leave a comment

Death of the Diesel: Daimler in US Agrees 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

Posted in environment, fuel economy or emissions, litigation | Tagged | Leave a comment

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 , , , , | Leave a comment

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

Posted in environment, litigation, news analysis | Tagged , , , , , , | Leave a comment

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

Posted in litigation, manufacturing, quality, recalls | Tagged , , , , , , | Leave a comment

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

Posted in economy, labor issues, litigation, people | Tagged , , , , , | Leave a comment

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

Posted in financial results, fools 'n frauds, litigation | Tagged , , , , , | Leave a comment

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

Posted in aftermarket, environment, fuel economy or emissions, litigation | Tagged , , , , , , , | Leave a comment

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

Posted in fools 'n frauds, litigation | Tagged , , , , , | Leave a comment

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

Posted in fools 'n frauds, litigation, news analysis | Tagged , , , , | Leave a comment

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 , , , | Leave a comment

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 | Leave a comment

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

Posted in fools 'n frauds, litigation, news analysis, people | Tagged , , , , , | 1 Comment

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 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

Posted in fools 'n frauds, litigation, people | Tagged , , , , , | Leave a comment