U.S. Justice Department Says Ford Motor Company Agrees To Pay $365M To Settle Customs Civil Penalty Claims Relating To Misclassified And Under-Valued Vehicles; Settlement Resolves Allegations That Ford Devised Scheme To Avoid Higher Duties By Misclassifying Cargo Vans
Portfolio Pulse from Benzinga Newsdesk
Ford Motor Company has agreed to pay a $365 million settlement to resolve U.S. Justice Department claims of customs civil penalties. The settlement addresses allegations that Ford misclassified and under-valued vehicles to avoid higher duties on cargo vans.
March 11, 2024 | 6:28 pm
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Ford Motor Company agrees to a $365 million settlement with the U.S. Justice Department over customs civil penalty claims.
The settlement of $365 million is a significant financial outlay for Ford, which could impact its financial statements in the short term. Additionally, the nature of the allegations and the settlement could potentially harm Ford's reputation among investors and customers, leading to a negative perception of the company's governance and operational practices. This combination of financial impact and potential reputational damage is likely to exert downward pressure on Ford's stock price in the short term.
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