GM, Deloitte, to Pay Combined $303M to Settle Securities Class Action

[WSJ_law_blog]

This news just in from plaintiffs lawyers at Grant & Eisenhofer and Labaton Sucharow: A class of GM shareholders has reached a $303 million settlement with the automaker and its outside auditor, Deloitte & Touche. According to the release, GM will kick in the lion’s share: $277 million. Deloitte will add $26 million.

The case stems from claims that GM issued a series of false and misleading statements to investors about its financial health going back to 2000.

The settlement requires approval from Judge Gerald Rosen in the U.S. District Court of the Eastern District of Michigan.

Grant & Eisenhofer’s Jay Eisenhofer and James Sabella were co-lead counsel for the plaintiffs, along with Labaton Sucharow’s Jonathan Plasse, Eric Belfi and Richard Joffe.

Calls to GM and Deloitte were not immediately returned.