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Court to Notify GM Investors of Settlement of Class Action Lawsuit.

DETROIT, Oct. 29 /PRNewswire/ -- The United States District Court for the Eastern District of Michigan has preliminarily certified for purposes of effectuating a settlement with all the Defendants a Class consisting of all persons and entities who purchased or otherwise acquired certain publicly traded securities of General Motors Corporation ("GM") between April 13, 2000 and March 30, 2006, inclusive (the "Class Period"), including GM Securities purchased or otherwise acquired in any non-U.S. offering or on any non-U.S. exchange or market, and who suffered damages thereby, including all persons and entities who acquired shares of GM common stock and preferred stock in the secondary market, all persons or entities who acquired debt securities of GM in the secondary market or pursuant to a registration statement or prospectus, and all persons who purchased or wrote (sold) exchange-traded options on GM common stock.

The Court also preliminarily approved a Settlement providing for a recovery of $303,000,000 ("Settlement Amount") to be paid by GM, General Motors Acceptance Corporation, Peter R. Bible, Walter G. Borst, John M. Devine, G. Richard Wagoner, Jr., Alan G. Lafley, Philip A. Laskawy, Eckhard Pfeiffer, and Deloitte & Touche LLP (collectively, "Defendants"). The Class will also receive interest on the Settlement Amount. A more detailed description of the Settlement is provided in the full printed Notice of Proposed Settlement, Motion for Attorneys' Fees and Reimbursement of Expenses and Fairness Hearing (the "Notice").

A hearing will be held before the Honorable Gerald E. Rosen in the United States District Court for the Eastern District of Michigan, Southern Division, Theodore Levin Courthouse, 231 W. Lafayette Blvd., Detroit, Michigan, 48226 in Courtroom 733, at 10:00 a.m., on December 22, 2008 to determine whether: (1) the proposed settlement should be approved by the Court as fair, reasonable and adequate; (2) Co-Lead Counsels' application for an award of attorneys' fees and reimbursement of expenses should be approved; (3) the claims against Defendants should be dismissed with prejudice; and (4) such other matters as the Court deems appropriate to rule upon.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full printed Notice and/or the Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of either of these documents by contacting:
 GM Securities Litigation Settlement
 c/o Epiq Systems
 Claims Administrator
 PO Box 4068
 Portland, OR 97208-4068

Inquiries, other than requests for the forms of Notice and Proof of Claim, may be made to Co-Lead Counsel for Lead Plaintiffs, Grant & Eisenhofer P.A., James J. Sabella, 485 Lexington Avenue, 29th Floor, New York, New York 10017, (646) 722-8500, Labaton Sucharow LLP, Jonathan M. Plasse, 140 Broadway, New York, NY 10005, (212) 907-0700, and to Liaison Counsel/Additional Plaintiffs' Counsel Diaz Reus & Targ LLP, Alexander Reus, 100 SE Second Street, Suite 2610, Miami, Florida 33131.

To participate in the Settlement, you must submit a valid Proof of Claim to the Claims Administrator, at the address indicated in the Notice, postmarked no later than, March 6, 2009. The deadline for filing objections and for the receipt of requests for exclusions is December 8, 2008. Further information may also be obtained by directing your inquiry in writing to the Claims Administrator, Epiq Systems, at the address listed above. You may also call 866-879-0481 (toll free from the U.S.), or, for international callers, 503-597-7692, or access the website relating to the settlement of the GM Securities Action, for more information. PLEASE DO NOT WRITE OR TELEPHONE THE CLERK OF THE COURT OR THE COURT FOR INFORMATION OR ADVICE.

CONTACT: Class Counsel: James Sabella, Esq. of Grant & Eisenhofer P.A., +1-646-722-8500; or Jonathan M. Plasse, Esq. of Labaton Sucharow LLP, +1-212-907-0700, both for GM Securities Settlement Notice and Claims Administrator, Epiq Systems Inc.

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Publication:PR Newswire
Date:Oct 29, 2008
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