Wilmington Trust Lawsuit Settlement Approved - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Wilmington Trust Lawsuit Settlement Approved

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WILMINGTON, Del. (AP) - A federal judge has given final approval to a $3 million settlement in a lawsuit brought by former Wilmington Trust employees who invested in a company-sponsored savings plan.

The judge approved the settlement after a hearing Monday in Wilmington.

The lawsuit accused Wilmington Trust officials of breaching their fiduciary duties to employees by allowing them to invest in company stock when bank leaders knew Wilmington Trust's financial position was disintegrating.

According to court filings, the settlement will cover more than 1,800 former Wilmington Trust employees.

Wilmington Trust was sold to M&T Bank in 2010 after its deteriorating commercial real estate loan portfolio left it on the verge of collapse. The bank's lending practices are the subject of an ongoing criminal investigation that has resulted in several indictments and guilty pleas.

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