GM, Deloitte agree to $303 mn settlement

NEW YORK: Attorneys say General Motors and an accounting firm have agreed to pay $303 million to investors to settle a lawsuit surrounding allegations that the automaker misstated its finances.

Attorneys with plaintiffs Deka Investment GmbH and Deka International SA say GM has agreed to pay $277 million, while Deloitte & Touche LLP will pay $26 million. The settlement is pending approval from the presiding judge in the case.

The case stems from claims that GM issued false and misleading statements about its finances to investors going back to 2000.

A GM spokeswoman says the company is pleased with the settlement and looks forward to the lawsuit being resolved. A Deloitte representative could not immediately be reached for comment.