Cases

General Motors

G&E represented an institutional investor in a securities class action against General Motors (“GM”) and its auditor, Deloitte & Touche LLP, alleging misleading financial reports dating back to 2000. In 2005, investors filed securities class actions in federal court in New York and derivative actions in federal court in Detroit. G&E’s international clients were appointed co-lead plaintiffs in the case, which was consolidated in the U.S. District Court for the Eastern District of Michigan. After about two and a half years of litigation, a settlement was reached with GM for $277 million, and with Deloitte & Touche for an additional $26 million. The combined $303 million settlement ranked among the largest shareholder recoveries of 2008.

Company
General Motors (securities)
Case Name
In re General Motors Corp. Securities and Derivative Litigation
Recovery Amount
$303 Million
Court
Eastern District of Michigan

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