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Ex-Delphi Shareholders Secure $38M From Deloitte

Law360 (January 2, 2008, 12:00 AM EST) -- Accounting firm Deloitte & Touche LLP has agreed to pay $38.25 million to settle charges that it helped bankrupt auto parts maker Delphi Corp. commit securities fraud.

The settlement, which is still subject to approval by the U.S. District Court for the Eastern District of Michigan, came after “extensive” mediation between the plaintiffs, who bought Delphi stock between March 2000 and March 2005; Deloitte, which served as Delphi's outside auditor; and Special Master Layn R. Phillips, who was appointed to conduct settlement discussions.

Last summer, Phillips...
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