After yesterday a judge set a September 2014 trial it looks like Fiat SpA will have to wait longer than hoped to settle the price to buy out a minority shareholder of its Chrysler business.
According to an order from Donald Parsons, the judge on the Delaware Court of Chancery who is overseeing the case, a five-day trial will begin September 29 and run through October 3 in Wilmington, Delaware. At the conclusion of the trial, Parsons would usually be expected to rule within 90 days.
The judge essentially split the difference between the two sides. The United Auto Workers healthcare trust had asked for a January 2015 trial. On the other hand the Italian automaker had sought a May trial and had offered to fly executives to the United States for depositions to speed its lawsuit with the union trust that owns a 41.5% stake in Chrysler.
In July, Parsons ruled in favor of Fiat on central legal positions in the dispute, but stopped short of ordering the trust to sell 54,154 Chrysler shares for $139.7 million, as Fiat sought. The trust put the value of those shares at $343.1 million.
The trust has said that a decision on the price tag would require accounting experts as well as testimony by those who negotiated the agreement. That agreement mandated any disputes would be settled in the Delaware non-jury court, which is a favored venue for business disputes partly because of its reputation for speed.
) - Tuesday, October 15th, 2013 - filed under Fiat
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