Fiat Chrysler Automobiles NV’s share price up, CEO Marchionne ordered to give a deposition in a lawsuit

The Chief Executive Officer of Fiat Chrysler Automobiles NV, Sergio Marchionne, was ordered by a Georgia judge to give a deposition in a lawsuit that involves the death of a 4-year-old boy killed in a Jeep fuel-tank fire.

Fiat said in an official statement, cited by Bloomberg: ““Chrysler Group recognizes that this matter has raised concerns for its customers and wants to take further steps, in coordination with NHTSA, to provide additional measures to supplement the safety of its vehicles. Chrysler Group regards safety as a paramount concern and does not compromise on the safety of our customers and their families.”

The lawsuit was started by the family of the little boy, who died after a Jeep Grand Cherokee crash in 2012. Fiat was ordered by the Georgia judge to make its Chief Executive Officer available for a videotaped, under-oath deposition at a time convenient for both parties.

The civil lawsuit was filed by the family of the victim two years ago, claiming that the death of the child occurred while the boy was sitting in the rear seat of a Jeep Grand Cherokee manufactured in 1999. The vehicle was struck from behind, which caused a rupture of its fuel tank that led to gasoline ignition and set the back of the car into flames.

After the lawsuit was filed, the company was asked by the National Highway Traffic Safety Administration in June last year to withdraw a total of 2.7 million Jeeps because their gas tanks were considered exposed to such risks when hit from behind. At least 51 death cases have been related to such Jeep rear-end crashes by the Agency.

As reported by Bloomberg, the company also said: “Chrysler Group expresses its most profound sympathy to those affected by this tragedy, which resulted from a collision with a pickup truck driven in a manner police described as ‘erratic, reckless, careless (and) negligent.”

Fiat Chrysler Automobiles NV added 1.01% to trade at €9.98 per share as of 14:20 GMT, marking a one-year gain of 73.03%. According to the Financial Times, the 20 analysts offering 12 month price targets for Fiat Chrysler Automobiles NV have a median target of €10.40, with a high estimate of €13.30 and a low estimate of €5.00. The median estimate represents a 5.32% increase from the last price of €9.88.