Friday, Jul 29, 2016
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Automotive

Labor Dept. says Delphi should cover fund losses

The U.S. Labor Department said auto-parts supplier Delphi Corp. should pay more than $3 million to compensate 11,000 workers who ve lost millions because their retirement funds were incorrectly invested in a General Motors Corp. stock fund.

The department s $3.1 million claim against Delphi should stand because the company didn t do enough to correct mistaken retirement investments, said Jonathan L. Snare, Labor s acting solicitor.

A representative for Delphi declined to comment. The company is asking the court to throw out the Labor Department s claim, saying it took immediate steps to correct the mistake. The U.S. Bankruptcy Court in Manhattan will consider the company s request Nov. 8.

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