The Securities and Exchange Commission filed civil fraud charges on Monday against nine former executives at the Delphi Corporation, the automotive parts supplier, accusing them of manipulating the company?s finances to project a healthy facade while it descended into bankruptcy. But Delphi itself will not have to pay a fine or admit defrauding investors, under a settlement it reached with the SEC. The settlement could allow the company to focus better on resolving disagreements with its unionized work force, which has threatened to strike if a bankruptcy judge allows Delphi?s labor contracts to be thrown out.
See "S.E.C. Sues Ex-Officials of Delphi", Nick Bunkley, The New York Times, October 30, 2006