Tuesday, Oct. 10, 2017

Wilmington Trust Corp. dropped as bank fraud defendant


WILMINGTON, Del. (AP) — Wilmington Trust Corp., the first financial institution to be criminally charged in connection with the federal bank bailout program, has reached a settlement with prosecutors just as the corporation and four former top executives were set to go to trial on bank fraud charges.

A judge on Tuesday postponed the trial for the former executives until March after announcing the agreement between federal prosecutors and the bank. He did not provide details of the agreement.

Wilmington Trust, a century-old institution founded by members of the DuPont family, was hastily sold in 2011 as it teetered on the edge of collapse.

Prosecutors accused Wilmington Trust, through its senior executives, of concealing the truth about its imploding commercial real estate loan portfolio from bank regulators, investors and the Securities and Exchange Commission.

2017-10-10 14:53:23 GMT

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