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Del. Attorney's Office, Wilmington Trust reach $60M settlement

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Del. Attorney's Office, Wilmington Trust reach $60M settlement

Wilmington, Del.-based Wilmington Trust Corp. has reached a $60 million settlement with the U.S. Attorney's Office for the District of Delaware, resolving the latter's claims of financial statement fraud.

The $60 million figure includes an earlier accord with the SEC and civil forfeiture of $44 million.

In exchange for Wilmington Trust's having "accepted responsibility for its actions," the U.S. Attorney's office dismissed the criminal charges pending against M&T Bank Corp.'s acquired subsidiary. According to a statement by Attorney David Weiss, the deal allows the parties to avoid "the collateral consequences" of lost jobs and revenue for the state. The charges against former Wilmington Trust executives stand.