Goldman Sachs Can Keep $63M From Adelphia, 2nd Circ. Says

Law360, New York (April 04, 2014, 2:04 PM ET) -- The Second Circuit on Friday affirmed a lower court's decision that Goldman Sachs Group Inc. did not have to return $62.9 million in payments it received from a dubious account controlled by failed cable company Adelphia Communications Corp.

The circuit panel ruled that the appeal by the Adelphia Recovery Trust, formed by Adelphia's creditors yet to be made whole, was in conflict with its position during the company's bankruptcy proceedings regarding ownership of an account used to make the payments to Goldman, and was thus precluded...
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