Delphi's Chapter 11 Hinders Securities Fraud Suits

Law360, New York (November 21, 2005, 12:00 AM EST) -- Shareholders in securities class action lawsuits against bankrupt auto parts manufacturer Delphi Corp. are seeking an exemption from bankruptcy laws to force the company to hand over documents considered vital to the plaintiffs.

Investors sued Michigan-based Delphi, and several of its former directors, auditors and bankers in early October, alleging the defendants made false statements and intentionally misleading them about company profits. They accused Delphi of boosting profits through phony sales and fraudulent repurchasing deals, as well as manipulating financial reserves by inaccurately coding costs....
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