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Today in a Tokyo courtroom, former Nissan chairman Carlos Ghosn arrived for a hearing to have an explanation of why he is being detained. The hearing also allowed Ghosn and his team of lawyers to make their case against the various charges brought against him. Since November 19th, Ghosn has been in detention on violating various financial rules including failing to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Ghosn's lawyers got their day in court via a "rarely used Japanese legal maneuver in which suspects are allowed to petition the court to hear a justification of their detention." According to Automotive News, Ghosn entered the courtroom "in handcuffs, wearing a dark suit with no tie and green plastic slippers. The usually immaculately coiffed businessman looked thinner than usual, courtesy of his rice-heavy diet in detention. The gray roots of his trademark raven black hair were beginning to show." Presiding judge Yuichi Tada read out the charges and explained to Ghosn that he is being detained due to being "a flight risk and might tamper with evidence." After this, Ghosn and his lawyers made their defense against the charges brought by Japanese prosecutors. “Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed. The test is the ‘death test’: If I died today, could my heirs require Nissan to pay anything other than my retirement allowance? The answer is an unequivocal ‘No,'” Ghosn said at the hearing on the first indictment on not reporting compensation. Ghosn also addressed his most recent arrest on "allegedly transferring personal losses" to Nissan. He admitted in court "to leveraging Nissan as collateral against his swap losses but said that the loss-making swap contracts were transferred back to him at no cost to Nissan." “I have a genuine love and appreciation for Nissan. I have acted honorably, legally, and with the knowledge and approval of the appropriate executives inside the company -- with the sole purpose of supporting and strengthening Nissan, and helping to restore its place as one of Japan’s finest and most respected companies,” Ghosn said towards the end of the hearing. Whether this helps remains to be seen. Ghosn's lawyers are planning to petition the court to immediately end his detention later this week, but they are doubtful. At a press conference, lead defense attorney Motonari Otsuru said his cilent "would likely be indicted for a second time on Friday and be denied bail, keeping him locked up." Otsuru also predicted that Ghosn's case may not be brought to trial for another six months, allowing prosecutors to gather more evidence. Source: Automotive News (Subscription Required), Bloomberg View full article
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Today in a Tokyo courtroom, former Nissan chairman Carlos Ghosn arrived for a hearing to have an explanation of why he is being detained. The hearing also allowed Ghosn and his team of lawyers to make their case against the various charges brought against him. Since November 19th, Ghosn has been in detention on violating various financial rules including failing to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Ghosn's lawyers got their day in court via a "rarely used Japanese legal maneuver in which suspects are allowed to petition the court to hear a justification of their detention." According to Automotive News, Ghosn entered the courtroom "in handcuffs, wearing a dark suit with no tie and green plastic slippers. The usually immaculately coiffed businessman looked thinner than usual, courtesy of his rice-heavy diet in detention. The gray roots of his trademark raven black hair were beginning to show." Presiding judge Yuichi Tada read out the charges and explained to Ghosn that he is being detained due to being "a flight risk and might tamper with evidence." After this, Ghosn and his lawyers made their defense against the charges brought by Japanese prosecutors. “Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed. The test is the ‘death test’: If I died today, could my heirs require Nissan to pay anything other than my retirement allowance? The answer is an unequivocal ‘No,'” Ghosn said at the hearing on the first indictment on not reporting compensation. Ghosn also addressed his most recent arrest on "allegedly transferring personal losses" to Nissan. He admitted in court "to leveraging Nissan as collateral against his swap losses but said that the loss-making swap contracts were transferred back to him at no cost to Nissan." “I have a genuine love and appreciation for Nissan. I have acted honorably, legally, and with the knowledge and approval of the appropriate executives inside the company -- with the sole purpose of supporting and strengthening Nissan, and helping to restore its place as one of Japan’s finest and most respected companies,” Ghosn said towards the end of the hearing. Whether this helps remains to be seen. Ghosn's lawyers are planning to petition the court to immediately end his detention later this week, but they are doubtful. At a press conference, lead defense attorney Motonari Otsuru said his cilent "would likely be indicted for a second time on Friday and be denied bail, keeping him locked up." Otsuru also predicted that Ghosn's case may not be brought to trial for another six months, allowing prosecutors to gather more evidence. Source: Automotive News (Subscription Required), Bloomberg -
It hasn't been easy for former Nissan chairman Carlos Ghosn and aide Greg Kelly since being arrested last month. In that time, the two have been brought up on various charges alleging financial misconduct and having their stay of detention being extended. But there appears to be some good news over the horizon. Today in a Tokyo courtroom, a judge rejected the request of prosecutors to extend Ghosn's and Kelly's detention by an additional 10 days. The Japan Times reports that prosecutors were seeking an additional 10-day extension related to a "separate warrant served to Ghosn" under the allegation that he understated "his remuneration by ¥4.2 billion in the automaker’s securities reports for the three business years through March this year." Lawyers for Ghosn said they are planning to apply for bail, which could mean Ghosn could be out of jail by Friday. But Japanese prosecutors have appealed the decision. According to Automotive News, there is no set date for a possible decision. As for Kelly, lawyers are planning to file for bail either today or tomorrow. “The chances of bail are very high. To begin with, this isn’t a case that should need such a lengthy detention,” said Nobuo Gohara, a lawyer and former prosecutor. Tsutomu Nakamura, a former public prosecutor doesn't share the same view. He tells Bloomberg that the decision made by the court doesn't mean Ghosn will walk out immediately. “The prosecutors will file the complaint against this judge’s decision immediately. I think that the prosecutors failed to prove the seriousness of the case,” he said. Source: Automotive News (Subscription Required), Bloomberg (Subscription Required), Japan Times View full article -
It hasn't been easy for former Nissan chairman Carlos Ghosn and aide Greg Kelly since being arrested last month. In that time, the two have been brought up on various charges alleging financial misconduct and having their stay of detention being extended. But there appears to be some good news over the horizon. Today in a Tokyo courtroom, a judge rejected the request of prosecutors to extend Ghosn's and Kelly's detention by an additional 10 days. The Japan Times reports that prosecutors were seeking an additional 10-day extension related to a "separate warrant served to Ghosn" under the allegation that he understated "his remuneration by ¥4.2 billion in the automaker’s securities reports for the three business years through March this year." Lawyers for Ghosn said they are planning to apply for bail, which could mean Ghosn could be out of jail by Friday. But Japanese prosecutors have appealed the decision. According to Automotive News, there is no set date for a possible decision. As for Kelly, lawyers are planning to file for bail either today or tomorrow. “The chances of bail are very high. To begin with, this isn’t a case that should need such a lengthy detention,” said Nobuo Gohara, a lawyer and former prosecutor. Tsutomu Nakamura, a former public prosecutor doesn't share the same view. He tells Bloomberg that the decision made by the court doesn't mean Ghosn will walk out immediately. “The prosecutors will file the complaint against this judge’s decision immediately. I think that the prosecutors failed to prove the seriousness of the case,” he said. Source: Automotive News (Subscription Required), Bloomberg (Subscription Required), Japan Times -
This morning, Tokyo prosecutors have indicted former Nissan boss Carlos Ghosn, and former representative director Greg Kelly for violating Japan’s Financial Instruments and Exchange Act. According to Japanese media, Ghosn allegedly failed to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Prosecutors also rearrested both men on new allegations for under-reporting compensation totaling 4 billion yen (about $35.5 billion) from the 2015-2017 fiscal year. Prosecutors had until today to either indict or re-arrest Ghosn and Kelly. Under Japanese law, prosecutors can hold someone in custody for 20 days. After that, they need to either indict, set them free, or re-arrest the person with new charges. The last option resets the clock and allows prosecutors to continue their investigation. Both Ghosn and Kelly have denied any wrongdoing according to Japanese media. Nissan was also indicted today on charges of filing falsified securities reports. As we reported on Friday, a company can be held accountable if employees make false statements in company reports under Japanese law. “Making false disclosures in annual securities reports greatly harms the integrity of Nissan’s public disclosures in the securities markets, and the company expresses its deepest regret. Nissan will continue its efforts to strengthen its governance and compliance, including making accurate disclosures of corporate information,” said Nissan in a statement. There's also a new twist in the case. Reuters reports that Ghosn and Nissan are currently fighting over access to an apartment Rio de Janiero. In a filing to a Brazilian court last week, Nissan (who owns the apartment) is trying to block Ghosn from getting access into the apartment as it would “represent an incalculable risk of destruction of potential evidence of crimes allegedly committed.” The company says there are three safes that were found in an audit and are waiting to be opened. Ghosn has been trying to get into the apartment since late November when a lawyer representing Ghosn asked for permission to enter the apartment. It currently houses “personal belongings, documents, cash, objects and art pieces” that Ghosn wants to retrieve. “Nissan has been cooperating with authorities to investigate misconduct on the part of its former chairman, and is working to prevent the destruction of any potential evidence that could occur by allowing access to residences in question,” a Nissan spokesman told Reuters. The apartment was purchased in 2011 by a Nissan subsidiary after the company opened a plant in the nearby city of Resende. In a filing, Nissan said it had bought the apartment expecting that Ghosn’s trips to Brazil would “become more constant” after the factory opened. It should be noted that Ghosn was born and maintains Brazilian citizenship. Jose Roberto de Castro Neves, a lawyer representing Ghosn told Reuters he didn't know about the existence of three different safes and that it was “absurd speculation” that they may contain evidence of wrongdoing. Source: Automotive News (Subscription Required), Reuters, 2 View full article
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This morning, Tokyo prosecutors have indicted former Nissan boss Carlos Ghosn, and former representative director Greg Kelly for violating Japan’s Financial Instruments and Exchange Act. According to Japanese media, Ghosn allegedly failed to report 5 billion yen (about $44 million) from the 2010-2014 fiscal years. Prosecutors also rearrested both men on new allegations for under-reporting compensation totaling 4 billion yen (about $35.5 billion) from the 2015-2017 fiscal year. Prosecutors had until today to either indict or re-arrest Ghosn and Kelly. Under Japanese law, prosecutors can hold someone in custody for 20 days. After that, they need to either indict, set them free, or re-arrest the person with new charges. The last option resets the clock and allows prosecutors to continue their investigation. Both Ghosn and Kelly have denied any wrongdoing according to Japanese media. Nissan was also indicted today on charges of filing falsified securities reports. As we reported on Friday, a company can be held accountable if employees make false statements in company reports under Japanese law. “Making false disclosures in annual securities reports greatly harms the integrity of Nissan’s public disclosures in the securities markets, and the company expresses its deepest regret. Nissan will continue its efforts to strengthen its governance and compliance, including making accurate disclosures of corporate information,” said Nissan in a statement. There's also a new twist in the case. Reuters reports that Ghosn and Nissan are currently fighting over access to an apartment Rio de Janiero. In a filing to a Brazilian court last week, Nissan (who owns the apartment) is trying to block Ghosn from getting access into the apartment as it would “represent an incalculable risk of destruction of potential evidence of crimes allegedly committed.” The company says there are three safes that were found in an audit and are waiting to be opened. Ghosn has been trying to get into the apartment since late November when a lawyer representing Ghosn asked for permission to enter the apartment. It currently houses “personal belongings, documents, cash, objects and art pieces” that Ghosn wants to retrieve. “Nissan has been cooperating with authorities to investigate misconduct on the part of its former chairman, and is working to prevent the destruction of any potential evidence that could occur by allowing access to residences in question,” a Nissan spokesman told Reuters. The apartment was purchased in 2011 by a Nissan subsidiary after the company opened a plant in the nearby city of Resende. In a filing, Nissan said it had bought the apartment expecting that Ghosn’s trips to Brazil would “become more constant” after the factory opened. It should be noted that Ghosn was born and maintains Brazilian citizenship. Jose Roberto de Castro Neves, a lawyer representing Ghosn told Reuters he didn't know about the existence of three different safes and that it was “absurd speculation” that they may contain evidence of wrongdoing. Source: Automotive News (Subscription Required), Reuters, 2 -
Carlos Ghosn to Be Indicted By Japanese Prosectors As Early As Monday
William Maley posted an article in Nissan
Three weeks after he was arrested in a Tokyo airport, Carlos Ghosn will soon be officially charged. Bloomberg has learned from sources that Ghosn will appear in Japanese court as soon as Monday to be indicted on various financial charges. Japanese prosecutors have to either charge Ghosn or arrest him new charges if they don't want to release him. Sources also tell Bloomberg that prosecutors are planning to bring new charges against Ghosn. While not public, sources believe it may relate to Ghosn under-reporting his income for the past three fiscal years. The Tokyo prosecutors’ office declined to comment. Meanwhile, Nissan is facing its own set of issues from Ghosn's arrest. The Nikkei Asian Review is reporting that prosecutors will file charges against the company for making false statements on securities reports. This is due to Ghosn and Greg Kelly, a former member of Nissan's board of directors for under-reporting salaries in five annual reports that go through the fiscal year that ended in March 2015. In Japan, a company can be held accountable for employees misstating financial information and not stopping it - hence why Nissan is getting charged. A source told Automotive News that Nissan had been "preparing for the possibility of charges" since allegations against the two men came out last month. It appears that the relationship between Nissan and Renault is taking hit. Unlike Nissan and Mitsubishi which have outed Ghosn as chairman, Renault is keeping him as chairman and CEO for the time being. The French automaker has named an interim CEO and the duties of chairman are being performed by a director. Why hasn't Renault followed Nissan and Mitsubishi? According to a Renault spokesman, Nissan hasn't provided evidence that the board has asked for in their internal probe. He declined to comment any further. Sources at the automaker give a clearer view. Executives at Renault are quite suspicious of Nissan’s motives with Ghosn. The French automaker has asked for proof from Nissan concerning the allegations against Ghosn. Nissan offered a presentation that summarized the evidence, but Renault passed, asking for the "presence of lawyers and the full report on the allegations." Renault has good reason to be suspicious of Nissan considering the odd arrangement of their alliance. Renault is the largest shareholder in Nissan and has voting rights. But Nissan doesn't have any voting rights at Renault due in part to the French government being the lead shareholder. Nissan has been trying to balance this relationship, "but its demands have been stonewalled by Renault and the French state." It should also be noted that Ghosn had been pushing for a possible merger between the two - something Renault wanted but Nissan didn't. Source: Automotive News (Subscription Required) Bloomberg, Nikkei Asian Review -
Three weeks after he was arrested in a Tokyo airport, Carlos Ghosn will soon be officially charged. Bloomberg has learned from sources that Ghosn will appear in Japanese court as soon as Monday to be indicted on various financial charges. Japanese prosecutors have to either charge Ghosn or arrest him new charges if they don't want to release him. Sources also tell Bloomberg that prosecutors are planning to bring new charges against Ghosn. While not public, sources believe it may relate to Ghosn under-reporting his income for the past three fiscal years. The Tokyo prosecutors’ office declined to comment. Meanwhile, Nissan is facing its own set of issues from Ghosn's arrest. The Nikkei Asian Review is reporting that prosecutors will file charges against the company for making false statements on securities reports. This is due to Ghosn and Greg Kelly, a former member of Nissan's board of directors for under-reporting salaries in five annual reports that go through the fiscal year that ended in March 2015. In Japan, a company can be held accountable for employees misstating financial information and not stopping it - hence why Nissan is getting charged. A source told Automotive News that Nissan had been "preparing for the possibility of charges" since allegations against the two men came out last month. It appears that the relationship between Nissan and Renault is taking hit. Unlike Nissan and Mitsubishi which have outed Ghosn as chairman, Renault is keeping him as chairman and CEO for the time being. The French automaker has named an interim CEO and the duties of chairman are being performed by a director. Why hasn't Renault followed Nissan and Mitsubishi? According to a Renault spokesman, Nissan hasn't provided evidence that the board has asked for in their internal probe. He declined to comment any further. Sources at the automaker give a clearer view. Executives at Renault are quite suspicious of Nissan’s motives with Ghosn. The French automaker has asked for proof from Nissan concerning the allegations against Ghosn. Nissan offered a presentation that summarized the evidence, but Renault passed, asking for the "presence of lawyers and the full report on the allegations." Renault has good reason to be suspicious of Nissan considering the odd arrangement of their alliance. Renault is the largest shareholder in Nissan and has voting rights. But Nissan doesn't have any voting rights at Renault due in part to the French government being the lead shareholder. Nissan has been trying to balance this relationship, "but its demands have been stonewalled by Renault and the French state." It should also be noted that Ghosn had been pushing for a possible merger between the two - something Renault wanted but Nissan didn't. Source: Automotive News (Subscription Required) Bloomberg, Nikkei Asian Review View full article
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German Automakers In A Panic Over Possible Diesel Ban
William Maley posted an article in Automotive Industry
Another wave of fallout from the Volkswagen diesel emission scandal could be coming later this week in a German court. Reuters reports that Germany’s federal administrative court will be ruling whether or not local governments could ban diesel vehicles. Environmental group DUH sued the Stuttgart and Duesseldorf governments for over levels of diesel particulate matter exceeding European Union limits after Volkswagen admitted to cheating on emission tests. Local courts ordered the governments to ban diesel vehicles that don't conform to current EU standards on days when pollution is bad. The two states where a number of automakers and suppliers reside appealed the decision to the federal administrative court. This move could cause serious damage to German automakers as it would cause a fall in resale values and overall sales. Investment Evercore ESI forecasts a five percent drop in diesel residual values, resulting in a loss of 1.6 billion Euros (about $2 billion) in operating profit "across eight European and U.S. carmakers." Source: Reuters -
Another wave of fallout from the Volkswagen diesel emission scandal could be coming later this week in a German court. Reuters reports that Germany’s federal administrative court will be ruling whether or not local governments could ban diesel vehicles. Environmental group DUH sued the Stuttgart and Duesseldorf governments for over levels of diesel particulate matter exceeding European Union limits after Volkswagen admitted to cheating on emission tests. Local courts ordered the governments to ban diesel vehicles that don't conform to current EU standards on days when pollution is bad. The two states where a number of automakers and suppliers reside appealed the decision to the federal administrative court. This move could cause serious damage to German automakers as it would cause a fall in resale values and overall sales. Investment Evercore ESI forecasts a five percent drop in diesel residual values, resulting in a loss of 1.6 billion Euros (about $2 billion) in operating profit "across eight European and U.S. carmakers." Source: Reuters View full article
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Germany's High Court Rules Cities Can Ban Older Diesels
William Maley posted an article in Automotive Industry
Germany's highest court, the Federal Administrative Court ruled today that cities can ban older diesel vehicles to help cut pollution. According to Reuters, the case was brought to the Federal Administrative Court after local courts ordered the Düsseldorf and Stuttgart governments to ban older diesel vehicles. The states disagreed with this decision and appealed it to the highest court. Originally, the Federal Administrative Court was expected to rule on the case last week, but it was pushed back. In the ruling, the court said the two cities should introduce the bans gradually and exemptions can be made for certain types of vehicles like ambulances. “It will not be easy to implement,” said Fritz Kuhn, mayor of Stuttgart during a press conference. Kuhn added that it would likely take six months for the regional government to agree on a plan. The decision was welcomed by environmental groups. “It’s a great day for clean air in Germany,” said Jürgen Resch of the environmental group DUH. But a number of politicians and business lobbies disagree with the decision, saying it could deprive a number of drivers across the country, many who might not be able to replace them. “The court has not issued any driving bans but created clarity about the law. Driving bans can be avoided, and my goal is and will remain that they do not come into force,” said Germany's environment minister, Barbara Hendricks. Hendricks told Reuters that she hopes cities are able to find other ways to improve air quality. One example she brought up is to retrofit exhaust treatment systems to older diesel vehicles. As to who would pay for it, Hendricks said it should be the automakers since they sold the vehicles in the first place. German Chancellor Angela Merkel stressed the bans were localized and wouldn't affect most drivers in the country. The ban could cause German automakers a number of headaches as it would likely cause sales of diesel vehicles to drop even further, along with decreasing the resale value of them. Source: Reuters, (2), The Guardian -
Germany's highest court, the Federal Administrative Court ruled today that cities can ban older diesel vehicles to help cut pollution. According to Reuters, the case was brought to the Federal Administrative Court after local courts ordered the Düsseldorf and Stuttgart governments to ban older diesel vehicles. The states disagreed with this decision and appealed it to the highest court. Originally, the Federal Administrative Court was expected to rule on the case last week, but it was pushed back. In the ruling, the court said the two cities should introduce the bans gradually and exemptions can be made for certain types of vehicles like ambulances. “It will not be easy to implement,” said Fritz Kuhn, mayor of Stuttgart during a press conference. Kuhn added that it would likely take six months for the regional government to agree on a plan. The decision was welcomed by environmental groups. “It’s a great day for clean air in Germany,” said Jürgen Resch of the environmental group DUH. But a number of politicians and business lobbies disagree with the decision, saying it could deprive a number of drivers across the country, many who might not be able to replace them. “The court has not issued any driving bans but created clarity about the law. Driving bans can be avoided, and my goal is and will remain that they do not come into force,” said Germany's environment minister, Barbara Hendricks. Hendricks told Reuters that she hopes cities are able to find other ways to improve air quality. One example she brought up is to retrofit exhaust treatment systems to older diesel vehicles. As to who would pay for it, Hendricks said it should be the automakers since they sold the vehicles in the first place. German Chancellor Angela Merkel stressed the bans were localized and wouldn't affect most drivers in the country. The ban could cause German automakers a number of headaches as it would likely cause sales of diesel vehicles to drop even further, along with decreasing the resale value of them. Source: Reuters, (2), The Guardian View full article
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General Motors will be heading to court on January 11th to face the first of several planned 'bellwether' cases over its defective ignition switch. On Wednesday, U.S. District Judge Jesse Furman in Manhattan rejected GM's claims to dismiss the case as the plaintiff provided sufficient evidence to justify letting a jury hear whether or not the switch caused or enhanced injuries in a crash. The case in question was brought to court by Robert Scheuer who crashed into two trees in Oklahoma on May 28, 2014. The Saturn Ion he was driving did not deploy the front airbags, which he says is a result of a defective ignition switch. Furman's decision "paves the way for the jury to have an unfettered and full view of GM's behavior in covering up this defect," said Bob Hilliard, lawyer for Scheuer in a statement. "We are fully prepared to go to trial, and introduce evidence showing that the ignition switch issue did not cause the injuries in this accident, or cause the airbags not to deploy," said GM spokesman James Cain in a phone interview with Reuters. This case is important as it is the first of six 'bellweather' cases being brought to trial. These cases are sometimes used in product liability litigation where hundreds or thousands of people have a similar case. The results of the six cases will help those decide whether or not to continue with their case or settle. Source: Reuters View full article
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General Motors will be heading to court on January 11th to face the first of several planned 'bellwether' cases over its defective ignition switch. On Wednesday, U.S. District Judge Jesse Furman in Manhattan rejected GM's claims to dismiss the case as the plaintiff provided sufficient evidence to justify letting a jury hear whether or not the switch caused or enhanced injuries in a crash. The case in question was brought to court by Robert Scheuer who crashed into two trees in Oklahoma on May 28, 2014. The Saturn Ion he was driving did not deploy the front airbags, which he says is a result of a defective ignition switch. Furman's decision "paves the way for the jury to have an unfettered and full view of GM's behavior in covering up this defect," said Bob Hilliard, lawyer for Scheuer in a statement. "We are fully prepared to go to trial, and introduce evidence showing that the ignition switch issue did not cause the injuries in this accident, or cause the airbags not to deploy," said GM spokesman James Cain in a phone interview with Reuters. This case is important as it is the first of six 'bellweather' cases being brought to trial. These cases are sometimes used in product liability litigation where hundreds or thousands of people have a similar case. The results of the six cases will help those decide whether or not to continue with their case or settle. Source: Reuters -
William Maley Staff Writer - CheersandGears.com January 4, 2013 The Massachusetts State Automobile Dealers Association lost again in court this week against Tesla. On Monday, Norfolk County Superior Court Judge Kenneth Fishman dismissed the dealers association's case on the grounds of lacking a standing to bring a case forth. This is the latest blow to the Massachusetts State Automobile Dealers Association efforts to stop Tesla from running a store in Boston. Back in November, the Massachusetts Superior Court denied an injunction filed by the association to stop Tesla from operating their store. "We disagree with his decision. If you read the statute, it's pretty clear: a factory cannot own a store, and a dealer can sue for injunctive relief if they feel the public is being harmed," said Robert O'Koniewski, the association's executive vice president on Thursday. O'Koniewski said they are considering options of where to go next. “We are delighted by the outright dismissal of this case and the validation that we are operating our business in compliance with the laws and expectations of the Commonwealth of Massachusetts. We are confident that other states will also come to this same conclusion and look forward to following through on our commitment to introduce consumers to electric vehicle technology in an open, friendly, no-pressure environment,” said Elon Musk, Tesla co-founder and CEO in a statement. Source: Automotive News (Subscription Required), Tesla William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Related Stories: Tesla's Factory Stores Draws Ire From Dealers Tesla Gets Sued By Dealer Associations In Two States Massachusetts Dealer Association Denied Injunction Against Tesla View full article
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William Maley Staff Writer - CheersandGears.com January 4, 2013 The Massachusetts State Automobile Dealers Association lost again in court this week against Tesla. On Monday, Norfolk County Superior Court Judge Kenneth Fishman dismissed the dealers association's case on the grounds of lacking a standing to bring a case forth. This is the latest blow to the Massachusetts State Automobile Dealers Association efforts to stop Tesla from running a store in Boston. Back in November, the Massachusetts Superior Court denied an injunction filed by the association to stop Tesla from operating their store. "We disagree with his decision. If you read the statute, it's pretty clear: a factory cannot own a store, and a dealer can sue for injunctive relief if they feel the public is being harmed," said Robert O'Koniewski, the association's executive vice president on Thursday. O'Koniewski said they are considering options of where to go next. “We are delighted by the outright dismissal of this case and the validation that we are operating our business in compliance with the laws and expectations of the Commonwealth of Massachusetts. We are confident that other states will also come to this same conclusion and look forward to following through on our commitment to introduce consumers to electric vehicle technology in an open, friendly, no-pressure environment,” said Elon Musk, Tesla co-founder and CEO in a statement. Source: Automotive News (Subscription Required), Tesla William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. Related Stories: Tesla's Factory Stores Draws Ire From Dealers Tesla Gets Sued By Dealer Associations In Two States Massachusetts Dealer Association Denied Injunction Against Tesla -
William Maley Staff Writer - CheersandGears.com August 6, 2012 Former Saab owner Spyker has filled a $3 billion lawsuit against General Motors for its actions of blocking the sale of Saab to Chinese automotive firm, Youngman Automotive. "This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market," Spyker said in a statement. "GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's tortiously interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern." "It is hard to believe. We have no comment until we see the lawsuit," GM Spokesman James Cain told Reuters. GM might not have seen the lawsuit, but we have. The suit filled in U.S. District Court for the eastern district of Michigan alleges that GM prevented the reorganization of Saab even after agreements were put in place that no GM technology went to Saab's Chinese partners. Saab's Phoenix platform, which was developed separately from GM, was going to be sold to China. The lawsuit further alleges that GM even torpedoed an 11th hour agreement that would have prevented any near term participation of Youngman until after Saab's use of GM technology had passed. Source: Reuters Spyker's Statement and Filing is on Page 2 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. SPYKER FILES A THREE BILLION DOLLAR LAWSUIT AGAINST GENERAL MOTORS Zeewolde, the Netherlands, 6 August 2012 -- Spyker N.V. ("Spyker") announced that it has filed a complaint against General Motors Company ("GM") in the United States District Court of the Eastern District of Michigan today at 08.00 AM EST. Spyker filed the complaint in its own right and on behalf of its 100 percent subsidiary Saab Automobile A.B., which was declared bankrupt on December 19, 2011. This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market. GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's tortiously interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern. The monetary value of the claim amounts to US$ 3 billion (three billion US dollars). Since Saab Automobile is in receivership and hence incapable to contribute to the costs of litigation, Spyker and Saab Automobile have entered into an agreement pursuant to which Spyker will bear the costs of such litigation in exchange for a very substantial share of Saab Automobile's award when the proceedings are successful. Spyker has secured the financial backing required to see the lawsuit through to the end from a third party investor. Victor R. Muller, Spyker's Chief Executive Officer said: "Ever since we were forced to file for Saab Automobile's bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM's unlawful actions. We owe it to our stakeholders and ourselves that justice is done and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy." The Complaint, as filed this morning at 08.00 EST, is attached to this Press Release.- 34 comments
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SAAB News: Not This Again: Spyker Sues GM Over Saab Sale
William Maley posted a topic in SAAB / NEVS
William Maley Staff Writer - CheersandGears.com August 6, 2012 Former Saab owner Spyker has filled a $3 billion lawsuit against General Motors for its actions of blocking the sale of Saab to Chinese automotive firm, Youngman Automotive. "This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market," Spyker said in a statement. "GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's tortiously interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern." "It is hard to believe. We have no comment until we see the lawsuit," GM Spokesman James Cain told Reuters. GM might not have seen the lawsuit, but we have. The suit filled in U.S. District Court for the eastern district of Michigan alleges that GM prevented the reorganization of Saab even after agreements were put in place that no GM technology went to Saab's Chinese partners. Saab's Phoenix platform, which was developed separately from GM, was going to be sold to China. The lawsuit further alleges that GM even torpedoed an 11th hour agreement that would have prevented any near term participation of Youngman until after Saab's use of GM technology had passed. Source: Reuters Spyker's Statement and Filing is on Page 2 William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. SPYKER FILES A THREE BILLION DOLLAR LAWSUIT AGAINST GENERAL MOTORS Zeewolde, the Netherlands, 6 August 2012 -- Spyker N.V. ("Spyker") announced that it has filed a complaint against General Motors Company ("GM") in the United States District Court of the Eastern District of Michigan today at 08.00 AM EST. Spyker filed the complaint in its own right and on behalf of its 100 percent subsidiary Saab Automobile A.B., which was declared bankrupt on December 19, 2011. This lawsuit seeks redress for the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market. GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's tortiously interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent, going concern. The monetary value of the claim amounts to US$ 3 billion (three billion US dollars). Since Saab Automobile is in receivership and hence incapable to contribute to the costs of litigation, Spyker and Saab Automobile have entered into an agreement pursuant to which Spyker will bear the costs of such litigation in exchange for a very substantial share of Saab Automobile's award when the proceedings are successful. Spyker has secured the financial backing required to see the lawsuit through to the end from a third party investor. Victor R. Muller, Spyker's Chief Executive Officer said: "Ever since we were forced to file for Saab Automobile's bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM's unlawful actions. We owe it to our stakeholders and ourselves that justice is done and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy." The Complaint, as filed this morning at 08.00 EST, is attached to this Press Release. View full article
