UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 104132 / September 29, 2025

ADMINISTRATIVE PROCEEDING

File No. 3-19541

In the Matter of

FCA US LLC and Fiat Chrysler

Automobiles N.V.,

Respondents.

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ORDER DIRECTING SECOND

DISBURSEMENT OF FAIR FUND

On May 19, 2022, the Division of Enforcement, pursuant to delegated authority,

published a Notice of Proposed Plan of Distribution and Opportunity for Comment (“Notice”), 1

pursuant to Rule 1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans

(“Commission’s Rules”); 2 and simultaneously posted the Proposed Plan of Distribution (the

“Proposed Plan”). The Notice advised interested persons that they could obtain a copy of the

Proposed Plan from the Commission’s public website or by submitting a written request to

Sondra Panahi, United States Securities and Exchange Commission, 801 Brickell Ave, Suite

1950, Miami, FL 33131. The Notice also advised that all persons desiring to comment on the

Proposed Plan could submit their comments, in writing, within 30 days of the Notice. The

Commission received no comments on the Proposed Plan during the comment period. On July

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2

Exchange Act Rel. No. 94948 (May 19, 2022).

17 C.F.R. § 201.1103.

12, 2022, the Division of Enforcement, pursuant to delegated authority, issued an order

approving the Proposed Plan, 3 and posted the approved Plan of Distribution (the “Plan”).

On September 18, 2023, the Commission issued an Order Directing Disbursement of Fair

Fund (“Disbursement Order”). 4 Pursuant to the Disbursement Order, JND Legal Administration

(the “Fund Administrator”), has disbursed $39,552,652.62. The Payees received 88.9% of their

Recognized Loss during the initial distribution, and as of August 5, 2025, 99.6% of those funds

were successfully received by the Payees. The current balance of the Fair Fund as of September

8, 2025, is $1,260,449.40.

Pursuant to paragraphs 88 and 89 of the Plan, the Fund Administrator, in consultation

with the Commission staff, has determined that a subsequent distribution (the “Second

Distribution”) of the remaining funds is feasible. The Fund Administrator recommends further

distribution of the Fair Fund to 3,319 Payees whose individual payments are above the Minimum

Distribution Amount of $10.00 as provided in the Plan of Allocation.

Pursuant to the Plan, the Fund Administrator has submitted a payment file to Commission

staff with a reasonable assurances letter as to the completeness and accuracy of the information

contained therein. The Commission staff has reviewed and accepted the payment file and

requests, pursuant to Rule 1101(b)(6) of the Commission’s Rules, 17 C.F.R. § 201.1101(b)(6),

that the Commission authorize the transfer of $1,255,790.09 from the Fair Fund to the Fair

Fund’s escrow account at The Huntington National Bank, N.A. for distribution by the Fund

Administrator to harmed investors in accordance with the Plan. Collectively, from both

distributions, the investors will have received 91.7% of their Recognized Loss.

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4

See Order Approving Plan of Distribution, Exchange Act Rel. No. 95261 (July 12, 2022).

Exchange Act Rel. No. 98425 (Sept. 18, 2023).

2

Accordingly, it is hereby ORDERED, that Commission staff shall transfer $1,255,790.09

from the Fair Fund to the Fair Fund’s escrow account, and direct the fund administrator to

distribute $1,255,790.09 to harmed investors in accordance with the Plan.

For the Commission, by the Division of Enforcement, pursuant to delegated authority. 5

Vanessa A. Countryman

Secretary

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17 C.F.R. § 200.30-4(a)(21)(v).

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