Adelphia case claims dismissed
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Hundreds of investment funds owned by banks including Citigroup Inc., Deutsche Bank and Bank of America Corp. won dismissal of claims by creditors of Adelphia Communications Corp. seeking to recover more than $4 billion.
Adelphia creditors sued more than 400 funds in 2003 in federal Bankruptcy Court, saying they helped Adelphia founder John Rigas and his son Timothy steal from the company. The suit sought recovery of about $3.4 billion in loan claims and $605 million in interest and fees and to block claims by the funds against Adelphia, a bankrupt cable television operator.
U.S. District Judge Lawrence McKenna in New York, dismissing the creditors’ suit, said Adelphia’s turnaround plan had paid them in full.
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