Detroit Bureau on Twitter

Posts Tagged ‘battenberg verdict’

Delphi’s Battenberg Cleared of Fraud but Guilty of Three Other Charges

Will pay substantial fines but serve no jail time.

by on Jan.13, 2011

Former Delphi Chief Battenberg found guilty on three charges, cleared on a fourth.

The long trial of former Delphi Chairman and Chief Executive Officer J.T. Battenberg ended with a jury clearing him of fraud – but he was still found him liable for misrepresentation and responsible for accounting errors involving a $237 million payment the supplier made to former parent General Motors.

The Securities and Exchange Commission’s civil complaint against Battenberg alleged that the former Delphi CEO had tried to hide the Dephi’s financial condition in order to improve its performance in the market.

Battenberg faced only civil, rather than criminal charges.  He nonetheless sought vindication via a jury trial but now faces a substantial fine and possibly other sanctions.

He faces no jail time but could be barred from serving on the board of any publicly traded company on top of those fines.  It was a serious rebuke to an executive who was considered one of Detroit’s major corporate stars during the 1980s and 1990s.