In the Matter of FCA US LLC, et al. Admin. Proc. File No. 3-19541
Oct. 6, 2022
On September 27, 2019, the Commission issued an order (the “Order”) simultaneously instituting and settling cease-and-desist proceeding against FCA US LL and Fiat Chrysler Automobiles N.V. (collectively, the “Respondents”). In the Order, the Commission found that from at least August 2012 to July 2016, FCA US, an automotive company, fraudulently misled investors about the number of new vehicles that it and its dealers sold each month to customers. The Respondents also failed to have a sufficient system of internal accounting controls relating to how new vehicle sales and dealer payments were recorded. The Order required the Respondents to pay a $40 million civil money penalty to the Commission. The Commission also created a Fair Fund (the “Fair Fund”), pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the civil money penalty can be distributed to harmed investors. See the Commission’s Order: Release No. 33-10706.
The Fair Fund consists of the $40 million paid by the Respondents.
On April 22, 2021, the Commission issued an order appointing JND Administration Services as the Fund Administrator of the Fair Fund, and set the administrator’s bond. See the Commission’s Order: Release No. 34-91642.
On May 25, 2021, the Commission issued an order appointing Miller Kaplan Arase LLP, as the Tax Administrator of the Fair Fund. See the Commission’s Order: Release No. 34-91997.
On May 19, 2022, the Commission published a notice of the proposed plan of distribution and opportunity for comment and simultaneously published the proposed plan of distribution (“Proposed Plan”). The notice provides the public with 30 days to submit their comments on the Proposed Plan. See the Commission’s Notice: Release No. 34-94948 and the Proposed Plan.
The Proposed Plan provides for the distribution of the Net Available Fair Fund, comprised of the Fair Fund, plus accrued interest, less taxes and administrative costs, to investors based on their losses on shares of FCA N.V. common stock traded on the NYSE under the ticker symbol FCAU purchased or otherwise acquired between October 13, 2014 and July 26, 2016, inclusive, due to the misconduct of the Respondents.
On July 12, 2022, the Commission issued an order approving the Proposed Plan and simultaneously posted the approved plan of distribution (the “Plan”). See the Commission’s Order: Release No. 34-95261 and the Plan.
The claim form may found at www.fiatchryslervehiclesalesfairfund.com.
For more information, please contact the Fund Administrator: