2nd Circuit Spurns Challenge To Adelphia Deal

Law360, New York (March 31, 2008, 12:00 AM EDT) -- A federal appeals court has upheld a partial settlement of a securities class action arising out of the accounting fraud scandal that helped to push Adelphia Communications Corp. into bankruptcy in 2002.

In a decision handed down Thursday, the U.S. Court of Appeals for the Second Circuit rejected the protests of the so-called Tow appellants, upholding the district court's decision that the tentative deal with an array of banks like Credit Suisse can go forward.

“The district court acted within its sound discretion in finding that...
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