The Securities and Exchange Commission has subpoenaed General Motors for documents about its dealings with parts maker Delphi and other matters.
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GM announced the SEC actions in a public filing on Wednesday, according to The Associated Press (AP).
In its filing, GM reportedly said it was cooperating with the SEC “in connection with investigations reported by the media concerning pension and other post-employment benefits … and certain transactions between General Motors and Delphi.”
DaimlerChrysler AG revealed in an SEC filing this week that the SEC has subpoenaed information about the way the company calculates pension benefits for North American employees, AP noted.
DaimlerChrysler reportedly said the request was connected to an investigation of accounting issues at GM that began in October 2004, and that Ford also has been subpoenaed.
According to AP, GM said the SEC subpoenas covered “various matters involving GM that it has under investigation (including) GM’s recovery of recall costs from suppliers and supplier price reductions or credits.” The SEC is probing “any obligation GM may have to fund pension and (post-employment benefit) costs in connection with Delphi’s proceedings under Chapter 11” bankruptcy protection, GM said.
According to The Associated Press, GM said it also has received SEC and federal grand jury subpoenas involving its General Motors Acceptance financing arm as part of “industry wide investigations into practices in the insurance industry relating to loss mitigation insurance.”
GM reportedly said it was cooperating with all of the investigations.
