Philadelphia (Nov. 8, 2002) -- Bankrupt Adelphia Communications filed a lawsuit against its former accountants, Deloitte & Touch, charging the firm of failing to detect and report "self-dealing and financial chicanery" by founder John. J. Rigas.The lawsuit charges Deloitte with professional negligence and breach of contract. "These wrongful acts resulted in billions of dollars in damages to the company -- damages which were preventable if Deloitte had acted consistently with its professional responsibilities as Adelphia's outside auditor," the lawsuit said.
Deloitte issued a statement threatening its own legal action against Adelphia, saying that "at the appropriate time, Deloitte will seek remedies against the company and former and/or current Adelphia officers and directors who supplied Deloitte with erroneous and incomplete information."
-- Electronic Accountant Newswire staff
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