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Participants in Delphi-sponsored retirement plans may have lost millions due to Delphi's mismanagement of those retirement plans.
Investigation Source (Case #05-cv-70882-DT;MDL No. 1725)
- Nationwide
Investigation Scope
Category Information
Investigation Topic
- Retirement Asset
Product or Service
- Common Stock
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending class action lawsuit against Delphi on behalf of participants of the the following Delphi-sponsored retirement plans:
(1) the Delphi Personal Savings Plan for Hourly-Rate Employees in the United States;
(2) the ASEC Manufacturing Savings Plan; and
(3) the Delphi Mechatronic Systems Savings-Stock Purchase Program.
The class action lawsuit alleges that Delphi and the fiduciaries of the Delphi-sponsored plans violated their fiduciary duties and sought to restore losses in Delphi Corporation stock to the accounts of employees in the Salaried Plan.
The Consolidated Complaint alleges that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members by: failing to prudently and loyally manage the Plans' assets; failing to act in accordance with Plan documents and ERISA; failing to monitor fiduciaries; failing to disclose to and inform the other fiduciaries of the Plans of information which the other fiduciaries reasonably needed to know to fulfill their fiduciary duties to Plan participants and beneficiaries; and co-fiduciary liability.
(1) the Delphi Personal Savings Plan for Hourly-Rate Employees in the United States;
(2) the ASEC Manufacturing Savings Plan; and
(3) the Delphi Mechatronic Systems Savings-Stock Purchase Program.
The class action lawsuit alleges that Delphi and the fiduciaries of the Delphi-sponsored plans violated their fiduciary duties and sought to restore losses in Delphi Corporation stock to the accounts of employees in the Salaried Plan.
The Consolidated Complaint alleges that during the Class Period, the Defendants breached their fiduciary duties to Plaintiffs and the Class members by: failing to prudently and loyally manage the Plans' assets; failing to act in accordance with Plan documents and ERISA; failing to monitor fiduciaries; failing to disclose to and inform the other fiduciaries of the Plans of information which the other fiduciaries reasonably needed to know to fulfill their fiduciary duties to Plan participants and beneficiaries; and co-fiduciary liability.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Delphi Corporation (DPHIQ.PK) | Delphi is a supplier of mobile electronics and transportation systems, including powertrain, safety, steering, thermal, and controls & security systems, electrical/electronic architecture, and in-car entertainment technologies. |