M&T Bank Unit Escapes Fraud Action Over Loan Claims

Law360, New York (March 30, 2012, 2:34 PM EDT) -- A Delaware federal judge on Thursday threw out a putative class action alleging Wilmington Trust Corp. lied to investors about a precarious loan portfolio that fueled the bank’s downfall and hasty merger with M&T Bank Corp.

U.S. District Judge Sue L. Robinson granted a bid by Wilmington Trust to dismiss a consolidated shareholder suit stemming from a February 2010 public securities offering that contained supposedly misleading statements about the bank’s financial health. Wilmington Trust was acquired by M&T in November 2010 after reporting a quarterly loss...
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