Fiat Chrysler to Pay Record $105 Million Fine for Safety Violations

Fiat Chrysler (FCAU) will pay a record $105 million fine for safety violations. Federal Regulators from the National Highway Traffic Safety Administration hit the automaker with the record fine for lapses in reporting car defects and recalls covering millions of vehicles. The $105 million fine is the largest ever assessed by the NHTSA, surpassing the $70 million against Honda in January for airbags defects. In addition to the fine, Fiat Chrysler reached a deal with the NHTSA that subjects it to independent monitoring of its safety program. Chrysler will also buy back some Dodge Ram pick up trucks to repair them. Fiat Chrysler shares closed Friday at $15.15, not far from its 6 month high of $16.72.