SGN-30 and Combination Chemotherapy in Treating Patients With Newly Diagnosed Anaplastic Large Cell Lymphoma

Inclusion Criteria: * Histologically or cytologically confirmed systemic anaplastic large cell lymphoma (ALCL) * Tissue available for the determination of anaplastic large cell kinase (ALK) status \[t(2;5), ALK-NPM translocation\] prior to study entry * Prior steroids or topical treatments are allowed. Patients who are on chronic steroid therapy may receive concomitant steroids provided they have been on a stable dosage for at least 3 months prior to enrollment * Measurable disease, defined as \>= 1 lesion that can be accurately measured in \>= 1 dimension (longest diameter to be recorded) as \>= 20 mm by conventional techniques or as \>= 10 mm by spiral CT scan * The Eastern Cooperative Oncology Group (ECOG) performance status (PS) 0-1 OR Karnofsky PS 70-100% * White Blood Count (WBC) \>= 3,000/mm³ * Absolute neutrophil count \>= 1,500/mm³ * Platelet count \>= 100,000/mm³ (unless due to lymphoma \[i.e., splenomegaly and/or bone marrow involvement\]) * Bilirubin =\< 1.5 times upper limit of normal (ULN) * AST or ALT =\< 2.5 times ULN * Creatinine =\< 1.5 times ULN (unless due to lymphoma) OR creatinine clearance \>=60 mL/min * Left ventricular ejection fraction (LVEF) \>= 50% * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception during and for 3 months after completion of study treatment Exclusion Criteria: * No rapidly progressing disease or bulky disease, defined as a mass of \> 7 cm in largest diameter * No primary cutaneous ALCL * No known brain metastases * No concurrent combination antiretroviral therapy for HIV-positive patients * No history of allergic reactions attributed to compounds of similar chemical or biological composition to monoclonal antibody SGN-30 * No uncontrolled intercurrent illness, including, but not limited to, any of the following: * Ongoing or active infection * Symptomatic congestive heart failure * Unstable angina pectoris * Cardiac arrhythmia * Psychiatric illness or social situations that would preclude study compliance * No prior or other concurrent malignancy with \< 90% probability of survival at 5 years * No other concurrent anticancer agents or therapies * No prior chemotherapy for ALCL * No other concurrent investigational agents