Recovered more than $325 million for investors in Delphi accounting fraud litigation
Plaintiff(s):
International pension fund serving as lead plaintiff on behalf of Delphi investors
Case type / claims:
Securities fraud class action alleging that Delphi and its senior executives engaged in a years-long accounting fraud scheme that materially misstated the company’s financial results. Auditor liability claims against Deloitte & Touche were also asserted for failing to detect and disclose the misconduct.
Defendant(s):
Delphi Corporation, certain directors and officers and Deloitte & Touche LLP
Jurisdiction:
U.S. District Court for the Eastern District of Michigan
Year:
2008
Outcome:
- Grant & Eisenhofer reached settlements totaling more than $325 million, including $204 million from Delphi, $80 million from directors’ and officers’ insurance, and $38 million from Deloitte & Touche, reinforcing accountability for both corporate leadership and external gatekeepers.
