Delphi retirement plan gets $2.2 million

Associated Press

TROY — The federal government has obtained court approval to restore $2.2 million in retirement plan assets owed to hourly employees of auto supplier Delphi Corp.

The U.S. Department of Labor said in a statement Monday the settlement approved by U.S. Bankruptcy Court ensures assets are available to pay future retirement benefits for workers.

The settlement resolves a claim brought by the Labor Department in 2006. The department launched an investigation into improperly invested dividends the Troy-based company failed to properly disclose or correct.

Delphi spokesman Lindsey Williams says the company is pleased the issue has been settled.

Delphi filed for Chapter 11 bankruptcy protection in 2005.