Two state pension funds and other large investors have sued Delphi Corp. and its auditor, Deloitte & Touche, saying that the auto parts supplier made deals with third-party vendors to hide the company's financial problems.
According to the suit, Delphi executives told workers to violate accounting rules over recognizing revenue and expenses between 1999 and 2001. The company allegedly entered a number of deals, transfering assets to third parties in exchange for hundreds of millions of dollars, while at the same time agreeing to eventually buy back the same assets.
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