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 WASHINGTON (AP) - Adelphia Communications Corp. has agreed to pay $715 million to settle a federal investigation into the accounting fraud and looting fiasco that led to the collapse of the fifth-largest cable television company in the country.
As part of the settlement announced Monday, Adelphia's founder John Rigas and other members of his family have agreed to hand over more than $1.5 billion in assets to Adelphia, including a number of cable TV systems.
Adelphia, one of a string of businesses in recent years accused of cheating investors out of billions, will not face criminal charges, Attorney General Alberto Gonzales said.
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