|
|
11 Aug 2008
Deloitte has settled a lawsuit relating to audit client General Motors for $26m (£13m).
As part of the settlement, GM itself paid $277m. The case alleged that GM had issued a series of false and misleading statements, dating back to 2000, webCPA.com reported.
'We think this is an excellent recovery for the class in light of the current economic climate and in light of the particular difficulties the automotive industry is facing,' said James Sabella of Grant & Eisenhofer, a law firm representing the plaintiffs.
'Deloitte & Touche LLP is pleased that it has been able to resolve the securities class action brought by investors in General Motors Corporation. Although it has strong defenses to these claims, Deloitte concluded that it was in the best interests of the firm and its clients to settle this matter now rather than face the burden, expense and uncertainty of continued litigation,' reports quoted the firm saying.
Further Reading:
You may also like
Search thousands of financial jobs:
£25000 - £80000 per annum: Pro-Finance: auditors City of London ...
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment