Buchanan Ingersoll & Rooney has agreed to pay $60 million to settle claims in the bankruptcy of its former client, Adelphia Communications Corp.
Buchanan Ingersoll, a firm with about 415 lawyers, and its insurers will pay an initial $20 million to the Adelphia Recovery Trust, which is pursuing claims on behalf of creditors. The firm and its insurers will also pay $40 million to be distributed in a binding mediation proceeding among the trust and other parties with claims against Buchanan Ingersoll, according to court papers filed in the U.S. Bankruptcy Court for the Southern District of New York. The trust will seek a substantial portion, if not all, of the $40 million.
