11/20/2019, 7:00 PM (Source: TeleTrader)
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GM sues Fiat Chrysler of racketeering and bribery

General Motors Co. on Wednesday filed a lawsuit against Fiat Chrysler Automobiles and other former FCA execs accusing them of bribing the United Auto Workers officials in order to get better negotiation terms. The company said in the statement that the FCA corrupted the implementation of the 2009 collective bargaining agreement as well as the negotiation, implementation, and administration of the 2011 and 2015 agreements.

GM Executive Vice President and General Counsel Craig Glidden said: "This lawsuit is intended to hold FCA accountable for the harm its actions have caused our company and to ensure a level playing field going forward."

UAW members approved a labor deal with GM in October, ending the longest automotive strike in 50 years. After the company released the statement, GM stocks fell 2.39 to $35.51 at 12:53 pm ET, while Fiat Chrysler fell 0.70% to €14.00 at the same time.

Breaking the News / TF