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Case Status:    SETTLED
On or around 01/24/2013 (Date of order of distribution of settlement)

Filing Date: September 19, 2005

According to a press release dated August 8, 2008, Grant & Eisenhofer and Labaton Sucharow, co-lead counsel for the plaintiffs in a federal securities case involving General Motors Corp., have announced that a settlement has been reached whereby GM will make a cash payment of $277 million. Defendant Deloitte & Touche LLP, which served as GM's outside auditor during the period covered by the action, agreed to contribute an additional $26 million in cash -- bringing the total amount of the settlement to $303 million. The action is pending before U.S. District Judge Gerald Rosen in U.S. District Court for the Eastern District of Michigan.

On October 16, 2007, Honorable Gerald E. Rosen signed the Order appointing Honorable Layn R. Phillips as Master for Settlement Negotiations.

On August 15, 2006, the plaintiffs filed a Third Amended Complaint, and the defendants have responded by filing motions to dismiss the Third Amended Complaint.

As summarized by the civil docket 05-CV-8088, on November 14, 2005, the Court entered the Pretrial Order No. 1 signed by U.S. District Judge Richard M. Berman consolidating the actions. On November 18, 2005, the plaintiffs filed an Amended Complaint. On February 6, 2006, the Court entered the Order granting the motion to appoint Deka Investment GmbH and Deka International, S.A. Luxembourg as Lead Plaintiffs. On March 15, 2006, the plaintiffs filed a Second Amended Complaint. On May 30, 2006, the Court entered the certified try copy of the conditional Multidistrict Litigation transfer out order transferring the action from the U.S. District Court for the Southern District of New York to the Easter District of Michigan, case number 06-MD-01749.

The original complaint alleges, inter alia, that defendants General Motors, General Motors Acceptance Corporation, and certain of GM’s officers and directors, issued or caused to be issued materially false and misleading statements to the investing public with respect to the Company's financial performance and condition during the relevant time. In addition, during the fourth quarter of 2004 and the first quarter of 2005, defendants, with knowledge or reckless disregard of facts then in their possession, disseminated materially false and misleading projections, lacking in reasonable basis, with respect to GM's first-quarter and year 2005 revenues, earnings and cash flow.

During the Class Period, when the Company's debt ratings were materially inflated by defendants' materially false and misleading statements and omissions, defendants caused GM to issue more than $18 billion in debt securities. When the true facts finally began to come out at the end of the Class Period, the price of GM stock, which had closed at $32.71 on March 15, 2005, declined by $4.57 per share, or 14%, to close at $28.14 per share on March 16, 2005. The prices of the Company's debt securities also declined in the market.

Several similar, purported class action complaints have also been filed in the United States District Court for the Eastern District of Michigan.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Michigan
DOCKET #: 05-CV-8088
JUDGE: Hon. Richard M. Berman
DATE FILED: 09/19/2005
CLASS PERIOD START: 02/25/2002
CLASS PERIOD END: 03/16/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  3. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  4. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 06-MD-01749
JUDGE: Hon. Richard M. Berman
DATE FILED: 08/15/2006
CLASS PERIOD START: 04/13/2000
CLASS PERIOD END: 03/30/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Chitwood Harley Harnes LLP (Atlanta)
    2300 Promenade II; 1230 Peachtree Street, N.E., Chitwood Harley Harnes LLP (Atlanta), GA 30309
    888.873.3999 404.876.4476 · info@chitwoodlaw.com
  2. Elwood S. Simon & Associates, PC
    355 S. Woodward Avenue Suite 250, Elwood S. Simon & Associates, PC, MI 48009
    810/646.9730 ·
  3. Harold B. Obstfeld
    260 Madison Avenue, Harold B. Obstfeld, NY 10016
    212.696.1210 ·
  4. Labaton Sucharow & Rudoff LLP
    100 Park Avenue, 12th Floor, Labaton Sucharow & Rudoff LLP, NY 10017
    212.907.0700 212.818.0477 · info@labaton.com
  5. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  6. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  7. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date