Deloitte has agreed to pay $167.5m (£81m) to its former audit client,
Adelphia, one of the biggest
settlements ever paid by an auditor to its former client.
Under the terms of the settlement, Deloitte will transfer the settlement into
an interest-bearing escrow account for the benefit of the Trust pending approval
of the settlement by US bankruptcy Judge Robert E. Gerber.
The Trust stated through a spokesperson: ‘We are pleased with the settlement,
which is among the largest settlements ever reached between a public accounting
firm and its audit client.
‘This settlement does not resolve the Trust’s claims against Adelphia’s
lenders and others who took part in a massive financial fraud perpetrated
against Adelphia, and the Trust will continue to prosecute those claims
vigorously to conclusion,’ a Trust spokesperson said.
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