WASHINGTON -- The U.S. Securities and Exchange Commission has issued a subpoena to DaimlerChrysler for information as part of its investigation into pension accounting practices at General Motors, according to a U.S. regulatory filing.
The German automaker said in a filing with the SEC on Tuesday that it received the subpoena in September relating to the discount rate and discount rate methodology used for accounting for pension benefits.
The issuance of a subpoena indicates that the SEC has upgraded its investigation into GM's pension accounting practices to a formal status from an informal status.
Under such a formal status, which must be first approved by the SEC commissioners, staff investigators are provided with powers to subpoena a company for documents and subpoena officials to provide testimony.
SEC spokesman John Nester declined to comment and a GM spokesperson could not be reached for comment.
In the SEC filing, DaimlerChrysler said that the SEC is also seeking communications it might have had with GM, Ford Motor Co. and Delphi Corp. regarding the discount rate and discount rate methodology used for accounting for pension benefits.