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Adelphia, Rigas Family Settle Fraud Case
The family will forfeit $1.5 billion; the company will pay $715 million to create a fund to compensate victims of "one of the most extensive financial fraud ever to take place at a public company."
Adelphia Communications Corp. will pay more than $700 million to settle "one of the most extensive financial fraud ever to take place at a public company," according to the Securities and Exchange Commission.
The Rigas family, which founded the now-bankrupt cable giant, will forfeit 95 percent of its assets -- totaling more than $1.5 billion -- under a settlement with the U.S. Attorney's office for the Southern District of New York and the SEC. Those assets -- including cable systems valued at $700 million to $900...