After yesterday a judge set a September 2014 trial, it appears that Fiat SpA’s desire to settle the price to buy out a minority shareholder of its Chrysler business is being delayed longer than expected.
According to an order from Donald Parsons, the judge on the Delaware Court of Chancery who is overseeing the case, there is a five-day trial set for September 29. The suit is expected to run through October 3 in Wilmington, Delaware and the judge would then take the normal 90 days limit for the ruling.
The judge chose the date by simply splitting the requirements from the two sides. The United Auto Workers healthcare trust had proposed a January 2015 period. On the other hand the Italian automaker wanted an early May trial and even offered to fly in executives to the United States for depositions to expedite the lawsuit with the union trust that owns the rest of the 41.5% stake in Chrysler.
In July, Parsons already ruled positively for Fiat on central legal positions in the dispute, but did not also order the UAW trust to sell the 54,154 Chrysler shares for $139.7 million, as Fiat wanted. The trust actually puts the value of the shares at at least $343.1 million.