From Detroit Free Press

A federal judge has set today as a deadline to settle lawsuits between Delphi Corp. and its shareholders.

Shareholders and Delphi employees enrolled in the company's stock plan sued the company in 2005 after Delphi said it found accounting irregularities, including inflated cash and profits, dating back to its spin-off from General Motors Corp. in 1999. The suits contend that Delphi misled investors and that the managers of the employee stock plan acted irresponsibly by investing employees' money in Delphi stock.

Earlier this month, a court-appointed mediator reported that a settlement in principal had been reached. Details have not been released. U.S. District Judge Gerald Rosen set today as the deadline to finalize a settlement. Delphi has said that it expects to pay a total of $340 million to settle the suits.

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