Adelphia sues auditors: Rigas’ keep D&O cover

Adelphia Communications, having been forced to file for bankruptcy, has issued legal proceedings against its former auditors, Deloitte & Touche, for failing to prevent its founding Rigas family from using the company as their “personal piggy bank”. The charge is that Deloitte “knew or should have known” of the unauthorised borrowing of US$2.3bn.