Adelphia Investors Secure $455M Settlement

Law360 (December 11, 2006, 12:00 AM EST) -- Auditor Deloitte & Touche LLP and 39 banks have agreed to pay $455 million for their role in the collapse of bankrupt cable provider Adelphia Communications Corp.

Under the settlement, Deloitte & Touche will pay Adelphia’s investors $210 million, while the banks, including Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wachovia Corp., will pay $245 million. None of the parties admitted wrongdoing in the matter.

“It’s a good settlement because investors are getting back a lot of their losses,” Judith Spanier, a...
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