U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20795 / October 30, 2008
Securities and Exchange Commission v. Adelphia Communications Corp., et al., Civil Action File No. 02-CV-5776 (PKC) (SDNY October 30, 2008)
Securities and Exchange Commission files motion to authorize distribution of funds to victims of the fraud perpetrated by Adelphia Communications Corp. ("Adelphia") in accordance with procedures adopted by U.S. Department of Justice in connection with Adelphia Victim Fund.
The Securities and Exchange Commission announced that it has filed a motion with the U.S. District Court overseeing its civil enforcement action against Adelphia Communication Corp. for an order authorizing the distribution of $95 million plus accrued interest (the "SEC Fund") held in the court's registry to victims of the Adelphia fraud in accordance with the procedures adopted by the U.S. Department of Justice with respect to the Adelphia Victim Fund. The SEC Fund consists of monetary recoveries obtained by the Commission in its civil enforcement actions against Deloitte & Touche LLP, Scientific-Atlanta, Inc., and Motorola Inc., in connection with the Adelphia matter.
The $715 million Adelphia Victim Fund was established pursuant to a global settlement between Adelphia, the Department of Justice, the Commission, certain members of the Rigas family, and others, and is being administered by a special master appointed by the Department of Justice. The Adelphia Victim Fund, which was devised in consultation with the Commission staff, provides for the pro rata distribution of the fund to eligible petitioners, taking into account payments made to victims from other sources. More information about the fund can be found at www.adelphiafund.com.
Objections to the Commission's motion, if any, must be filed with the court and served on the Commission staff by November 21, 2008, at the addresses set forth in the notice of motion, which is linked to this litigation release.