Adelphia Agrees to $715M Fraud Settlement

Various news outlets are reporting that Adelphia Communications has agreed to pay $715 million to settle its federal fraud case. Here is the Bloomberg report:

Adelphia to Settle Fraud Case for About $715 Million

BusinessWeek's report is here:

Adelphia to pay $700M to resolve probe

And CNN's here:

Adelphia to pay $715M for fraud

Bloomberg says that the Rigas family, founders of the company, will forfeit 95% of their assets in the settlement. The government will use the money to set up a victims' compensation fund.

AB -- 4/26/05

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April 25, 2005 4:36 PM |