Key Developments: Ford Motor Co (F.N)

F.N on New York Stock Exchange

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1 Aug 2013
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Latest Key Developments (Source: Significant Developments)

Ford Motor Co Agrees To Pay Federal Government $17.35 Million In Settlement-DJ
Thursday, 1 Aug 2013 08:12am EDT 

Dow Jones reported that Ford Motor Co agreed to pay the federal government $17.35 million in a settlement over whether it took too long to recall vehicles that could have defect causing unintended acceleration. The National Highway Traffic Safety Administration asked Ford last July to recall 423,000 Ford Escape SUVs because they could have a flaw that caused the accelerator pedal to stay depressed after drivers took their foot off of them. During the investigation process, the safety agency also found evidence that Ford may have known about the safety problem and didn't tell customers or the government, a violation of federal law, the regulator said in the settlement document dated June 28, 2013. Ford agreed to pay NHTSA, but denies that it broke any laws. The agreement doesn't release Ford from civil or criminal liability, the document says.  Full Article

Ford Motor Co Raises FY 2013 Pre-Tax Profit Guidance
Wednesday, 24 Jul 2013 07:01am EDT 

Ford Motor Co announced improved fiscal 2013 guidance. Th Company now expects total Company pre-tax profit to be equal to or higher than 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report pre-tax profit of $7.709 billion for fiscal 2013.  Full Article

Ford Motor Co Sues Fujikura Ltd-Reuters
Wednesday, 17 Jul 2013 07:39pm EDT 

Reuters reported that Ford Motor Co has sued Fujikura Ltd, claiming a conspiracy to fix the prices of electrical systems used in vehicles, the latest civil lawsuit filed in the wake of a related criminal investigation by the U.S. Justice Department. In its lawsuit, filed in Detroit federal court on Tuesday, Ford said that Fujikura and alleged co-conspirators agreed not to compete with one another to sell Ford wire harnesses. The lawsuit seeks three times the damages Ford suffered as a result of paying what it said were artificially high prices for the harnesses. An attorney for Ford declined to comment, as did Fujikura.  Full Article

Consumer Class Action Brought Against Ford Motor Co, Alleging Defects in its Dashboard Infotainment System, MyFord Touch
Tuesday, 16 Jul 2013 07:47pm EDT 

A federal class action has been filed this week against Ford Motor Co. in connection with alleged defects in the MyFord Touch dashboard infotainment systems that are found in Ford, Lincoln and Mercury vehicles. The action was filed in U.S. District Court for the Central District of California by leading consumer class action law firm of Grant & Eisenhofer P.A., and other firms. The suit, brought by the Center for Defensive Driving, a nonprofit educator based in Torrance, Calif., seeks compensatory relief on behalf of a proposed class of purchasers and lessees of Ford vehicles equipped with MyFord Touch systems, excluding those who have personal injury claims resulting from the defect in the systems. Introduced to Ford vehicles in 2010, the MyFord Touch (called "MyLincoln Touch," or "MyMercury Touch" in Lincoln and Mercury cars) is Ford's LCD dashboard interface which allows the vehicle owner to operate the vehicle's audio systems, GPS navigation, climate systems, as well as a Bluetooth enabled mobile device. The MyFord Touch also allows operation of certain safety systems in the vehicle, such as collision detection that subsequently dials 9-1-1 to connect the vehicle to an emergency services provider.  Full Article

DIAMOND ELECTRIC MFG CO LTD Pleads Guilty To Conspiracy To Fix Prices Of Ignition Coils Sold To Ford Motor Co-Reuters
Tuesday, 16 Jul 2013 03:44am EDT 

Reuters reported that DIAMOND ELECTRIC MFG CO LTD has agreed to plead guilty and pay a $19 million criminal fine in connection with a conspiracy to fix the prices of ignition coils sold to Ford Motor Co.  Full Article

Hagens Berman Files Lawsuit Against Ford Motor Co Alleging MyFord Touch System Defective
Monday, 15 Jul 2013 08:50pm EDT 

Hagens Berman Sobol Shapiro LLP, a national consumer-protection law firm, announced that it has filed a proposed class-action lawsuit alleging that Ford Motor Co's MyFord Touch, MyLincoln Touch and MyMercury Touch touchscreen systems are defective, often freezing, failing to respond to voice and touch commands and failing to connect to mobile phones. The 41-page complaint, filed in the U.S. District Court for Central California, includes a long litany of problems with the system, and details Ford`s failed attempts at correcting the system through system updates and other fixes. The systems, introduced by Ford in 2011, promised owners of Ford, Lincoln and Mercury vehicles with the ability to seamlessly operate audio controls, use a GPS navigation system, control climate systems and operate a Bluetooth-enabled device through the system. According to the suit, the system fails even while controlling crucial vehicle functions, such as the defroster and rear-view camera, which are controlled through the system, putting drivers and passengers at risk. The complaint also calls out consumer complaints involving the vehicles` GPS navigation system. According to the complaint, the touchscreen will turn off, turn back on with a message saying it is "performing scheduled maintenance" leaving the driver without any directional guidance.  Full Article

Ford Motor Co In India Is Recalling Diesel EcoSport-DJ
Friday, 12 Jul 2013 12:16am EDT 

Dow Jones reported that Ford Motor Co in India is recalling 972 diesel-engine EcoSport compact sport-utility vehicles. As part of routine checks the Company discovered a potential concern with EcoSport diesel variants., Ford India Pvt. said in a statement late on July 11, 2013. No accidents or injuries have been reported and this is a proactive, voluntary recall, it said.  Full Article

Ford Motor Co Declares Third Quarter Dividend
Thursday, 11 Jul 2013 09:00am EDT 

Ford Motor Co announced that the Board of Directors has declared a third quarter dividend of $0.10 per share on the Company's outstanding Class B and common stock. The third quarter dividend is payable on September 3, 2013 to shareholders of record on August 2, 2013.  Full Article

Ford Motor Co Recalling 465,000 2013 Models To Check For Fuel Tank Leaks-Reuters
Monday, 3 Jun 2013 09:18am EDT 

Reuters reported that Ford Motor Co is recalling 465,000 2013 models to check for fuel tank leaks that could result in a fire. The automaker said it won't have enough replacement parts for all owners until September. Models include the 2013 Ford Fusion, Flex, Explorer, Taurus, Interceptor Sedan and Interceptor Utility, as well as the 2013 Lincoln MKZ, MKS and MKT. The recall involves 420,000 vehicles in the United States, Canada and Mexico and the rest overseas.  Full Article

Ford Motor Co Reaffirms FY 2013 Earnings Guidance-Conference Call
Wednesday, 29 May 2013 04:10pm EDT 

Ford Motor Co announced that for fiscal 2013, it expects pretax profit to be about equal to fiscal 2012. The Company reported pre tax profit of $7.966 billion in fiscal 2012.  Full Article

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U.S. hiring data expected to show modest progress

WASHINGTON - U.S. employers likely hired enough workers in July to push the jobless rate to a near four-year low, which could bolster expectations the Federal Reserve will start drawing down its huge economic stimulus program later this year.

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