SEC subpoenas parts supplier for GM records

/ Source: The Associated Press

Auto parts supplier Lear Corp. has received a subpoena from the U.S. Securities and Exchange Commission seeking information about General Motors Corp.’s accounting for supplier payments and credits.

Lear disclosed the subpoena in its annual report, which was filed late Thursday with the SEC. Lear said it received the subpoena last month and is cooperating.

Lear said the SEC is seeking documents related to payments or credits to GM from 2001 to the present.

Southfield-based Lear supplies electronics, seating, flooring and other products to every major automaker and reported sales of $17.1 billion last year. The filing came the day after Lear said it was widening its 2005 loss by $6 million because of a pricing dispute with an unnamed customer.

GM said in October that it was subpoenaed by the SEC for documents relating to Delphi Corp., its former parts division and major supplier. At the time, GM said the SEC wanted information about GM’s recovery of recall costs from suppliers and supplier price reductions or credits.

GM also received separate SEC and federal grand jury subpoenas in October involving its General Motors Acceptance Corp. financing arm. That subpoena was part of an industrywide investigation into insurance practices.

GM has said it is cooperating with the SEC in all of its investigations.