General Motors, Corp. (NYSE: GM), a Michigan-based automaker, has announced the preliminary settlement of the securities class action pending against the company in the E.D. of Michigan. The case, originally filed in September 2005, stems from allegations that General Motors issued a series of false and misleading statements regarding the company’s financial status.
The settlement is for $303 million, of which Deloitte & Touche, General Motor’s outside auditor, will pay $26 million. Reuters has an article on the settlement and a press release issued by plaintiffs’ counsel can be found here.