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Chrysler Llc
Statement in Response: Chrysler v Getrag
October 26th, 2008
On October 7, after months of negotiations, Chrysler filed a lawsuit in Oakland County Court charging that Getrag and its U.S. subsidiary Getrag Transmission Manufacturing LLC misrepresented its ability -- and failed to use good faith efforts -- to secure financing to support the joint development of a manufacturing plant in Tipton, Indiana, to build dual clutch transmissions, which would be purchased principally by Chrysler for use in its vehicles, in breach of their agreements with Chrysler. Getrag was obligated under these agreements to obtain debt financing. Contrary to Getrag's representations to Chrysler, Getrag knew that it could not obtain debt financing within...
Source: Pharma Investments, Ventures & Law Weekly (2008-10-26)
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