The Dutch pension fund Stichting Pensioenfonds Medisch Specialisten (SPMS) has revealed that it is participating in a class action against Stellantis over allegations the carmaker misled investors about its compliance with mandatory vehicle emissions standards.

The pension fund revealed its participation in the class action in its Socially Responsible Investment 2025 report.

SPMS said the case relates to shares traded on the Milan Stock Exchange and centres on allegations that Stellantis, through its predecessor companies Fiat Chrysler and Peugeot Citroën, concealed the use of illegal software between 2014 and 2017 to manipulate vehicle emissions tests.

“The scandal resulted in a sharp decline in the company's share price, causing both environmental damage and financial losses for investors,” it stated.

It added that the current proceedings concern Milan-listed shares, while a separate class action covering shares traded on the New York Stock Exchange was settled in 2019.

The pension fund said it uses class actions alongside engagement and proxy voting as part of its active ownership approach.

According to SPMS, while collective legal actions are typically brought after investors have suffered losses, they also act as a deterrent by encouraging companies to maintain robust governance and internal controls.

The disclosure comes after investor organisation Better Finance previously backed a collective action being coordinated by the Netherlands-based Fiat Chrysler Investors Recovery Stichting (FCIRS), which is seeking compensation for investors who purchased Fiat Chrysler shares on the Milan Stock Exchange.

The association argued in January 2025 that the case exposes shortcomings in the EU's investor protection framework after a separate US class action over New York-listed shares was settled in 2019, while European investors continue to pursue redress.

In addition to the class action news, SPMS’ report also highlighted progress in the fund's responsible investment strategy.

SPMS said it appointed two infrastructure managers in 2025 to invest in energy transition projects, including renewable energy, battery storage, sustainable aviation fuel, carbon capture and storage, electric vehicle charging infrastructure and the conversion of coal-fired power plants.

In addition, it said 11.1 per cent of its portfolio was allocated to impact investments at the end of 2025, exceeding its minimum target of 10 per cent, while greenhouse gas emissions associated with its portfolio were 55 per cent lower than 2019 levels.

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