$250 Million Adelphia settlement by 39 Financial Institutions
A preliminary agreement to settle $250 million investor lawsuits over losses from Adelphia Communications Corp.’s collapse has been agreed by thirty-nine financial institutions, including Charlotte’s Bank of America Corp. and Wachovia Corp.
The banks involved in the settlement issued securities for Adelphia. In a filing Friday, Wachovia said its share of the settlement would be $1.25 million. In a filing Tuesday, Bank of America did not break out its share.
The U.S. District Court for the Southern District of New York gave initial approval of the class-action settlement June 15 and has set a Nov. 10 hearing for final approval.
Filed under General Law, Settlements
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