Deloitte & Touche LLP

Wilmington, DE: (Aug-03-07) Adelphia Recovery Trust, a trust handling litigation on behalf of bankrupt cable television provider Adelphia Communications Corp., announced that it had reached a $167.5 million settlement with Deloitte & Touche LLP, Adelphia's former auditor. Adelphia's claims against Deloitte & Touche were transferred to the Trust under the terms of the First Modified Fifth Amended Joint Chapter 11 Plan for Adelphia Communications Corp. and certain of its affiliated debtors on February 13, 2007. According to the terms of the agreement, the money will be held in escrow pending approval by a US bankruptcy judge. A trust spokesperson said in a statement that the settlement was among the largest ever between an accounting firm and its audit client. The Trust in its discretion may retain some or all of the settlement proceeds for funding its operations, including expenses incurred to maintain and administer the Trust and prosecute Trust litigation. [EARTH TIMES: ADELPHIA AUDITOR]

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Published on Aug-6-07