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Judge Removes Claims In Appaloosa's Adelphia Suit

Law360 (September 11, 2007, 12:00 AM EDT) -- A federal judge overseeing the multidistrict action related to Adelphia Communications Corp.'s 2002 implosion removed some claims from an Appaloosa Investment LP-led securities suit that accused myriad banks and financial firms of enabling Adelphia's fraud.

Judge Lawrence M. McKenna of the U.S. District Court for the Southern District of New York on Friday granted the defendants' motion to dismiss claims of fraud under section 10 of the Securities Exchange Act against defunct Adelphia's outside directors, lending banks, underwriters, and auditor Deloitte & Touche LLP.

McKenna also...
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