December 28 2007
Detroit, MI: (Dec-28-07) Delphi Corp. filed for bankruptcy protection in 2005, acknowledging that hundreds of millions of dollars in earnings that it had claimed since General Motors Corp. spun it off in 1999 were invalid. A US Securities and Exchange Commission investigation found that Delphi manipulated its earnings from 2000 to 2004, using several illegal schemes to boost its earnings. The accounting company Deloitte & Touche has agreed to pay $38.25 million as part of a $325 million class action settlement of investor claims of misconduct by Delphi, the largest auto parts supplier in the US.
A Deloitte & Touche spokeswoman concluded that it was in the best interests of the firm and its clients to settle this matter now rather than face the burden, expense and uncertainty of continued litigation.
[FOX BUSINESS: DELPHI SECURITIES]
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