Suit Over Deloitte Audit Of Adelphia Statements Nixed

Law360, New York (September 1, 2010, 3:39 PM EDT) -- The federal judge overseeing multidistrict litigation over the alleged artificial inflation of Adelphia Communications Corp.'s securities has tossed a member suit accusing independent auditor Deloitte & Touche LLP of issuing a misleading report on the now-bankrupt cable provider's financial health.

Judge Lawrence M. McKenna of the U.S. District Court for the Southern District of New York on Tuesday granted Deloitte's motion to dismiss the suit, ruling that plaintiff C. Phillip Rainwater had failed to allege that the auditor had acted with the required state of mind...
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