General Motors and Deloitte & Touche, two of the United States’ leading automotive and accounting giants, have agreed to a $303 million class action settlement over allegations that GM made material misstatements in its financials dating back to 2000. As part of the agreement, GM will pay $277 million in cash to a class of its shareholders. GM’s outside auditor, Deloitte, will contribute an additional $26 million in cash.
Delaware’s Grant & Eisenhofer and New York’s Labaton Sucharow served as lead plaintiffs counsel, representing two affiliates of leading German money manager DekaBank.
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