Delphi Judge OKs $16M Settlement With EDS

Law360, New York (June 1, 2007, 12:00 AM EDT) -- The judge overseeing Delphi Corp.’s bankruptcy proceedings has approved a multimillion-dollar settlement between the company and Electronic Data Systems Corp., the creditor that helped unravel an alleged accounting fraud at the beleaguered auto parts company.

Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York on Thursday approved the settlement granting EDS and two of its subsidiaries over $16 million in prepetition general unsecured nonpriority claims against Delphi and its subsidiary Delphi Automotive Systems LLC.

Delphi and EDS reached the...
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