January 2, 2008
Accounting firm Deloitte & Touche has agreed to pay $38.25 million to settle claims that it helped bankrupt auto parts maker Delphi Corp. in committing securities fraud. This case was a separate arm of securities litigation surrounding Delphi’s restating of its financials from 2005 back to its original split from General Motors in 1999. Deloitte & Touche served as Delphi’s outside auditor through its split from GM and its public offering. Nix Patterson served as co-lead counsel in the litigation, representing lead Plaintiff Teachers’ Retirement System of Oklahoma and was instrumental in securing this settlement for the class.
The class was represented by NP partners Bradley Beckworth, Jeffrey Angelovich, and Susan Whatley.