GM settles lawsuit for $277 million for lying to Investors

Ichingcarpenter

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Sat Aug-09-08 12:08 PM
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GM settles lawsuit for $277 million for lying to Investors

GM to pay $277 mln to settle lawsuit - lawyers

Fri Aug 8, 2008
General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) has agreed to pay $277 million in cash to settle a lawsuit stemming from alleged false and misleading statements to investors, lawyers for the plaintiffs said on Friday.

Deloitte & Touche, which had been GM's outside auditor, is contributing an additional $26 million cash payment, bringing the total settlement value to $303 million, law firms Grant & Eisenhofer and Labaton Sucharow said in a statement.

http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSN0841658420080808

Anyone know more of the details of this?

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