© Reuters. The GM logo is seen at the General Motors Assembly Plant in Ramos Arizpe
(Reuters) – A federal judge in Detroit on Friday rejected a bid by General Motors Co (NYSE:) to reinstate a racketeering lawsuit against its smaller rival Fiat Chrysler Automobiles NV (FCA).
GM claimed it had new information on foreign accounts used in an alleged bribery scheme involving FCA and leaders of the United Auto Workers (UAW) union. But U.S. District Judge Paul Borman said GM’s “newly discovered evidence is too speculative to warrant reopening this case.”
GM said it would appeal the ruling to the Sixth Circuit Court of Appeals.
“Today’s decision is disappointing, as the corruption in this case is proven given the many guilty pleas from the ongoing federal investigation,” the largest U.S. automaker said in a statement. “GM’s suit will continue – we will not accept corruption. Civil plaintiffs have the right to pursue their claims, including the right to amend, add new information and take discovery.”
Fiat Chrysler, which did not have an immediate comment on Friday, has compared the GM filing to a “third-rate spy movie, full of preposterous allegations.”
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.