GM, Deloitte Reach $303M Settlement With Investors

Law360, New York (August 8, 2008, 12:00 AM EDT) -- Deloitte & Touche LLP and General Motors Corp. have agreed to cough up a combined $303 million to settle a putative securities class action alleging that GM put out false and misleading statements about the company's financial well-being.

Under the deal, which still requires court approval, GM would pay $277 million and Deloitte, which served as GM's outside auditor during the time period at issue in the litigation, would pay $26 million.

Deloitte said Friday that though it had strong defenses to the claims at issue...
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