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4-Traders Homepage  >  Equities  >  Nyse  >  Fiat Chrysler Automobiles    FCAU   NL0010877643

FIAT CHRYSLER AUTOMOBILES (FCAU)
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Fiat Chrysler Automobiles : U.S. accuses Fiat Chrysler, union of conspiring to break labor laws

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06/13/2018 | 10:28am EDT
FILE PHOTO: Fiat Chrysler Automobiles' U.S. headquarters is seen in Auburn Hills, Michigan

DETROIT (Reuters) - Top officials of Fiat Chrysler Automobiles NV and the United Auto Workers (UAW) union conspired to violate U.S. labor laws, federal prosecutors alleged in a court document, saying a former executive at the automaker knew bribes paid to union leaders were designed to "grease the skids" in labor negotiations.

U.S. Justice department officials called the company and the union "co-conspirators" in a document related to a guilty plea agreed by former Fiat Chrysler director of employee relations Michael Brown. The document was filed with the U.S. District Court in Detroit on May 25. Its contents were reported by the Detroit News on Wednesday.

Brown pleaded guilty to one count of concealing a felony. The plea agreement stated that he knew Fiat Chrysler executives authorized improper payments and paid for travel, liquor, cigars and other goods for UAW officials who served on the union's negotiating committee.

Fiat Chrysler Chief Executive Officer Sergio Marchionne has said in the past that the misconduct had “had nothing whatsoever to do with the collective bargaining process” and the “egregious acts were neither known to nor sanctioned" by the company. Fiat Chrysler had no further comment Monday.

Outgoing UAW president Dennis Williams told union leaders at a conference in Detroit on Monday "our leadership team had no knowledge of the misconduct – which involved former union members and former auto executives – until it was brought to our attention by the government."

Brown pleaded guilty on May 25, according to court documents, and will be sentenced on Sept. 20. Five other people have pleaded guilty in the government’s ongoing investigation into the UAW and Fiat Chrysler, including the wife of a late UAW official, two other former UAW employees, former Fiat Chrysler vice president Alphons Iacobelli and another former Fiat Chrysler employee.

(Reporting By David Shepardson and Nick Carey; Editing by David Gregorio)

By Joseph White

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FIAT CHRYSLER AUTOMOBILES -1.43% 17.738 End-of-day quote.20.01%
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Financials (€)
Sales 2018 116 B
EBIT 2018 8 012 M
Net income 2018 5 279 M
Finance 2018 3 379 M
Yield 2018 1,64%
P/E ratio 2018 5,36
P/E ratio 2019 5,05
EV / Sales 2018 0,21x
EV / Sales 2019 0,18x
Capitalization 27 729 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 20,6 €
Spread / Average Target 14%
EPS Revisions
Managers
NameTitle
Sergio Marchionne Chief Executive Officer & Executive Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer CFO & COO-Systems & Castings
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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