Lead Plaintiffs Announce an Agreement in Principle With Delphi Corporation to Settle Securities Class Action Litigation

NEW YORK, Aug. 23, 2007 -- As first referenced in the District Court's August 17, 2007 Order, Lead Plaintiffs Teachers' Retirement System of Oklahoma ("Oklahoma"), Public Employees' Retirement System of Mississippi ("Mississippi"), Raiffeisen Kapitalanlage-Gesellschaft m.b.H. ("Raiffeisen") and Stichting Pensioenfonds ABP ("ABP") (collectively, "Lead Plaintiffs") have agreed to a settlement of a securities class action litigation brought against Delphi Corporation ("Delphi" or the "Company"), the auto-parts maker currently in bankruptcy protection under Chapter 11, certain of its current or former officers and directors and certain investment banking firms. The settlement includes a comprehensive settlement with Delphi's insurers.

The Action has been litigated on behalf of a proposed Class of investors who purchased or acquired publicly traded shares, bonds, or notes of Delphi and securities issued by Delphi Trust I and Delphi Trust II ("Delphi Securities") between March 7, 2000 and March 3, 2005, inclusive (the "Class Period"). The Settlement, upon approval by both the District Court and the Bankruptcy Court, would end the securities litigation with respect to the Company and all Individual Defendants named in the action. The settlement shall also resolve claims against the investment banking firms named as defendants in the action, which pursuant to Delphi's reorganization plan, will be released having also contributed to the settlement consideration to be paid to the Class. The Action would continue with respect to Deloitte & Touche, LLP, Delphi's outside auditor during the Class Period, as well as Defendants JPMorgan Chase & Co (as successor in interest to Bank One Corporation), SETECH Inc. and BBK, Ltd, three independent companies alleged to have participated with Delphi in transactions designed to mask Delphi's financial problems during the Class Period. None of these parties will be released from liability for these claims in connection with the Settlement.

The case caption is: In re: Delphi Corporation Securities, Derivative and "Erisa" Litigation, E.D. Mich., Master Case No. 05-MD-1725

The terms of the settlement are presently confidential. Investors wishing to discuss other aspects of this class action settlement or having any questions concerning their rights or interests with respect to this matter, please contact any of the four co-lead counsel in the Action, Bernstein Litowitz Berger & Grossmann, LLP (John P. Coffey at 212-554-1400 or via e-mail at sean@blbg.com), Grant & Eisenhofer, P.A. (Stuart Grant at 302-622-7000 or via e-mail at sgrant@gelaw.com), Nix, Patterson & Roach, L.L.P. (Brad Beckworth at 903-645-7333 or via e-mail at bbeckworth@nixlawfirm.com) and Schiffrin Barroway Topaz & Kessler, LLP (Sean Handler at 1-888-299-7706 or via e-mail at shandler@sbtklaw.com).