Wilmington Trust Pays $44M To Settle Securities Case

By Jeff Montgomery (October 10, 2017, 1:31 PM EDT) -- Wilmington Trust Corp. agreed to settle a more than two-year federal criminal securities fraud prosecution Tuesday, accepting a $44 million civil fine in Delaware federal court shortly before the start of a jury trial on claims that the bank concealed hundreds of millions in bad commercial loans in 2009 and 2010.

The deal, which ended a 19-count criminal prosecution of the bank, left four former top executives and co-defendants still facing the same charges, with the start of trial now scheduled for March 12.

Acting U.S. Attorney David C. Weiss said WTC agreed to pay $44 million to settle the government's...

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