An independent foundation filed a class action lawsuit in the Netherlands against Stellantis over alleged emissions test cheating by one of its predecessor companies, Fiat Chrysler.
Fiat Chrysler failed to disclose it had installed illegal software in its vehicles aimed at covering up emissions from at least 2014 until 2017, according to the lawsuit filed by the Dutch non-profit foundation Fiat Chrysler Investors Recovery Stichting.
As a result, the automaker "significantly harmed investors buying and/or holding Fiat Chrysler shares," the foundation's legal adviser, law firm Scott+Scott, said in a statement.
Stellantis said the lawsuit is "without merit" and the automaker will defend itself vigorously.
Stellantis was formed in 2021 from the merger of Fiat Chrysler Automobiles and Peugeot owner PSA Group.
FCA US LLC, a unit of Netherlands-based Stellantis, pleaded guilty in 2022 to criminal conspiracy as part of a multi-year U.S. Justice Department diesel-emissions fraud probe.
Scott+Scott said investors potentially eligible to join the claim were those who bought or held Fiat Chrysler shares on the Milan stock exchange from October 2014 to May 2017.
The claim is funded by an external financier associated with U.S. asset manager Fortress Investment Group, according to the foundation website.
"This emission scandal was hidden by Fiat Chrysler for years and has impacted thousands of investors. It is overdue that the car manufacturer is being held accountable through this class action," foundation chair Flip Schreurs said in the statement.
Fiat Chrysler, PSA and Opel, which is also a brand of Stellantis, have been under investigation in Europe, along with several other carmakers, in the wake of Volkswagen's diesel emissions scandal.
Scott+Scott partner Jan-Willem De Jong said the case was submitted on Aug. 28 to the District Court North-Holland in the Netherlands and Stellantis was notified on Aug. 27.
The court is expected to decide the next steps on Dec. 4, De Jong said.
