Auditor, Others Ordered To Preserve General Motors Ignition Documents
Wednesday, a federal judge in Detroit ordered General Motors’ auditor and other parties to preserve documents related to the February 2014 recall.
The Detroit News reports the parties include, auditor Deloitte & Touche, supplier Delphi, and IPO lead underwriters J.P. Morgan Securities and Morgan Stanley, as well as rental companies with affected fleet vehicles and eight Wall Street analysts.
The reason for the order from U.S. District Judge Linda Parker involves the New York State Teachers’ Retirement System pension fund, who is leading a securities fraud class-action lawsuit against GM on the claim that the “faulty ignition switches in GM vehicles caused loss to the value of their investments.” Parker said she allowed the order to maintain the status quo “until the court rules on defendants’ pending motions to dismiss.”
None of the parties have turned over said documents to those involved in the lawsuit thus far.
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