Creditors Can't Sue Banks On Behalf Of Adelphia: Judge

Law360, New York (May 17, 2010, 4:36 PM EDT) -- Firmly punctuating a December ruling, a federal judge has concluded that Adelphia Communications Corp.’s creditors lack standing to pursue tort claims on behalf of the telecommunications company against dozens of major banks accused of facilitating the fraud that caused Adelphia’s collapse.

Judge Lawrence McKenna of the U.S. District Court for the Southern District of New York dealt the Adelphia Recovery Trust a blow Friday, rejecting renewed assertions that the trust had standing to bring tort claims against the lending banks on behalf of Adelphia for billions...
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