Adelphia Trust Seeks $175M Settlement With Banks

Law360, New York (September 22, 2010, 5:05 PM EDT) -- A recovery trust for defunct Adelphia Communications Corp. has agreed in principle to a $175 million settlement for tort claims with scores of the cable company’s prepetition creditors, which the trust had accused of ignoring a plundering of more than $3 billion of Adelphia’s funds.

The Adelphia Recovery Trust told the U.S. District Court for the Southern District of New York on Wednesday that it had resolved claims against scores of commercial and investment banks that it had accused of looking the other way as the...
To view the full article, register now.