Cummins
CMI
Industrials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
In January 2024, the U.S. Department of Justice (DOJ) and EPA reached a $1.675 billion settlement with Cummins—the largest Clean Air Act penalty ever—for installing illegal software defeat devices on approximately 630,000 RAM pickup trucks (2013-2019). An additional 330,000 vehicles (2019-2023) contained undisclosed auxiliary emission control devices. Total mitigation and penalty costs exceed $2 billion.
Cummins is a Tier 1 defense contractor. As of December 2025, the company secured a $500 million contract for U.S. military generators. It also produces the Advanced Combat Engine (ACE) and V903 engines used in the Bradley Fighting Vehicle and other armored assets.
Research Sources
2 organizations
Related Exclusions
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.