Auto Safety Regulators To Fine Fiat $105 Mln For Recall Lapses: Reports

(RTTNews) - Federal auto safety regulators are expected to impose a record $105 million fine on Fiat Chrysler Automobiles N.V. (FCAU), due to lapses in recalls covering millions of vehicles, according to the Wall Street Journal.

According to the report, the National Highway Traffic Safety Administration is expected announce the fine on Monday. It will also assign an independent monitor to audit the company's recall processes for an extended period of time. Fiat will also be required to buy back some of the recalled vehicles.

Meanwhile, Fiat will be able to recoup some of the financial penalty if it meets certain conditions, the report said citing people familiar with the matter.

On Friday, Fiat announced it would recall about 1.4 million vehicles equipped with certain radios to update software after researchers were able to remotely hack into a Jeep.