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The DaimlerChrysler Corporation will be paying out 1.2 million dollars in order to bring an end to claims that it did not alert the government quickly enough about emissions problems occurring in several models of Mercedes automobiles.
In order to meet the terms of an agreement made with the Justice Department, DaimlerChrysler will be implementing a new program that will better monitor any potential emissions problems with their automobiles. The automaker will also be making more regular reports to the government.
The Mercedes automobiles named in the emissions lawsuit were those made in the years 1998-2006. The Justice Department reported that DaimlerChrysler did not alert them within fifteen days of learning that there where problems with catalytic converters, air pumps and other parts in Mercedes vehicles.
The lawsuit goes on to claim that there was the potential for thousands upon thousands of cars to develop emissions related issues. DaimlerChrysler has stated that many Mercedes parts are being recalled and warranties are being extended to cover many other automobile parts.
DaimlerChrysler stock climbed up to $84.02 at the end of the trading day on the New York Stock Exchange.
13:56
Posted on Apr-02-2007
