The Adelphia Recovery Trust reached a $167.5 million settlement of its claims against Adelphia’s former auditor, Deloitte & Touche LLP. The trust was formed after Adelphia Communications Corporation collapsed in 2002 as the result of an accounting fraud that led to the criminal convictions of its founder, John J. Rigas, and his son Timothy. Deloitte served as Adelphi’s audit firm from the mid-1980s to May 2002, when Deloitte suspended its work based on the belief that Adelphia’s books and records had been falsified. Deloitte denied any wrongdoing. See related Deloitte instance, “SEC v. Deloitte & Touche (Adelphia Communications Audit)”