Banks Reveal $250M Deal In Adelphia Investor Suit

Law360, New York (August 9, 2006, 12:00 AM EDT) -- In the latest development in the fallout over the accounting fraud at Adelphia Communications Corp., a federal court has given the tentative green light to a $250 million agreement by 39 financial institutions that would settle a securities class action suit.

The proposed settlement, which was revealed in recent securities filings, was granted initial approval by the U.S. District Court for the Southern District of New York on June 15 and is slated to be reviewed for final approval at a Nov. 10 hearing.

Wachovia Corp.,...
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