Mexican Media Brands
$7.5 Million Fine Settles Navistar Engine Emission Dispute
Navistar International Corp. has agreed to pay a $7.5 million fine to settle complaints that it misled investors about the ability of a failed diesel emission control system for its diesel trucks.
#legal #regulations
Share
Navistar International Corp. has agreed to pay a $7.5 million fine to settle complaints that it misled investors about the ability of a failed diesel emission control system for its diesel trucks.
The deal ends Securities and Exchange Commission charges that Navistar hid technical issues that derailed the company’s ability to meet tougher diesel emission standards in 2010. But it doesn't settle separate SEC charges that then-CEO Daniel Ustian personally misled investors and aided and abetted the company’s efforts to do the same.
Ustian championed a relatively inexpensive exhaust-gas recirculation system to enable its Class 8 trucks meet the 2010 standard, but the technology failed and was abandoned in 2012. Navistar’s competitors opted for more expensive but ultimately successful urea-based catalytic converter systems.
The fiasco forced Navistar to pay roughly $40 million in fines in exchange for being allowed to temporarily sell noncompliant diesels. The company opted in 2012 to buy compliant engines from rival Cummins Inc. until it could reengineer its diesels to use a catalytic system.
RELATED CONTENT
-
On Electric Pickups, Flying Taxis, and Auto Industry Transformation
Ford goes for vertical integration, DENSO and Honeywell take to the skies, how suppliers feel about their customers, how vehicle customers feel about shopping, and insights from a software exec
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
on lots of electric trucks. . .Grand Highlander. . .atomically analyzing additive. . .geometric designs. . .Dodge Hornet. . .
EVs slowdown. . .Ram’s latest in electricity. . .the Grand Highlander is. . .additive at the atomic level. . .advanced—and retro—designs. . .the Dodge Hornet. . .Rimac in reverse. . .
