Securities Suit Settles for $303M

Grant & Eisenhofer and Labaton Sucharow, co-lead counsel for the plaintiffs in a federal securities case involving General Motors, have announced that a settlement has been reached. GM will make a cash payment of $277 million, according to MarketWatch.

Deloitte & Touche served as GM’s outside auditor during the period covered by the action. They agreed to contribute and additional $26 million in cash. The total amount of the settlement is $303 million.

General Motors is accused of issuing a series of false and misleading statements to investors about the auto maker’s financial health dating back to 2000. The action is currently pending and needs approval from U.S. District Judge Gerald Rosen.