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GM - Why General Motors Hit Fiat Chrysler With a RICO Suit
General Motors Company
General Motors (NYSE: GM) announced on Wednesday that it has filed a federal racketeering lawsuit against Fiat Chrysler Automobiles (NYSE: FCAU).
The suit alleges that FCA bribed senior officials of the United Auto Workers labor union (UAW) in order to secure special benefits -- and to manipulate labor negotiations in hopes of pressuring GM to accept a merger proposal by increasing its costs.
This is an unusual case that has the potential to become a big deal, one that could cost FCA a billion dollars or more to resolve. Here's what GM and FCA investors need to know.