2nd Circ. Blocks Adelphia Fraud Claims Against Banks

Law360, New York (February 8, 2011, 6:01 PM EST) -- The Second Circuit has upheld a decision to bar the Adelphia Recovery Trust from pursuing bankruptcy claims against HSBC Bank USA NA, Key Bank NA and Fleet National Bank over loans taken out by the Buffalo Sabres hockey team.

Because Adelphia had already stated in a separate asset sale that it was the only party necessary to approve the sale of the Sabres, the trust could not adopt a different position in order to bolster its suit against the banks, according to an opinion issued on...
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