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The government awards contracts to companies with histories of misconduct such as contract fraud and environmental, ethics, and labor violations. In the absence of a centralized federal database listing instances of misconduct, the Project On Government Oversight (POGO) is providing such data. We believe that it will lead to improved contracting decisions and public access to information about how the government spends hundreds of billions of taxpayer money each year on goods and services. Report an instance of misconduct »
Deloitte LLP
General Motors Securities Litigation
Date: 07/21/2008 (Date of Settlement)
Misconduct Type: Securities
Enforcement Agency: Non-Governmental
Contracting Party: None
Court Type: Civil
Amount: $26,000,000
Disposition: Settlement
Synopsis: A securities class-action lawsuit alleged that General Motors, aided by its outside auditor, Deloitte, filed misleading financial statements between 2002 and 2006 that covered up earnings shortfalls through accounting manipulations. Under the terms of a settlement, Deloitte agreed to pay $26 million, while GM agreed to pay $277 million.
