Transportation Industry
Delphi Settlement With SEC Spares It From Paying Fines
Transport Topics, November, 2006 by Anonymous
Delphi Corp. will not pay fines or admit wrongdoing under a settlement announced Oct. 30 with the U.S. securities and Exchange Commission, which sued the bankrupt auto parts maker and 13 individuals for fraud and other accounting violations.
J.T. Battenberg III, Delphi's former chief executive officer, and eight other former Delphi executives were accused of fraud or aiding in accounting violations at the company, the sec said in a statement. Three of the nine, including former finance chief Alan Dawes, agreed to pay fines to settle their cases.
The sec also sued four other people who did not work at Delphi, Troy, Mich.
The legal actions cap a two-year probe into accounting problems at the supplier, which last year restated three years of earnings to correct its...
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