Wilmington Trust Corporation (NYSE: WL) Investor Securities Class Action Lawsuit 11/18/2010

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 26, 2018 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Wilmington Trust
Case Name: 
Wilmington Trust Shareholder Class Action Lawsuit 11/18/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: WL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/18/2010
Class Period Begin: 
01/18/2008
Class Period End: 
11/01/2010
Court of Filing: 
U.S. District Court for the District of Delaware
Deadline To File for Lead: 
02/16/2010
Date Settled: 
07/10/2018
Settlement Amount: 
$210,000,000
Deadline to Participate in Settlement: 
11/26/2018
Summary: 

The settlement includes all persons or entities who purchased or otherwise acquired Wilmington Trust Corporation common stock during the period January 18, 2008 up to November 1, 2010, including all persons or entities who purchased shares of Wilmington Trust Corporation common stock issued in the secondary common stock offering that occurred on or about February 23, 2010.

The settlement amount of $210,000,000 consists of:
- $200 million settlement with the Wilmington Trust Defendants and Underwriter Defendants (the “Wilmington Trust/Underwriter Settlement”)
- $10 million settlement with KPMG LLP (the “KPMG Settlement).

July 10, 2018 - The court preliminarily approved the settlement.

May 25, 2018 - Parties filed a stipulation of settlement.

March 20, 2014 - The court denied the defendants' motions to dismiss.

July 17, 2013 - Defendants filed motions to dismiss.

June 13, 2013 - The lead plaintiffs filed a fourth amended consolidated complaint.

February 28, 2013 - Defendants filed motions to dismiss.

January 9, 2013 - The lead plaintiffs filed a third amended consolidated complaint.

July 27, 2012 - The defendants filed motions to dismiss.

May 10, 2012 - The lead plaintiffs filed a second amended consolidated complaint.

March 29, 2012 - The court granted the defendants' motions to dismiss and granted plaintiffs leave to amend.

July 29. 2011 - Another defendant filed another motion to dismiss.

July 28, 2011 - Defendants filed an additional motion to dismiss.

July 27, 2011 - Defendants filed motions to dismiss.

May 16, 2011 - The lead plaintiffs filed a consolidated complaint on behalf of investors who purchased Wilmington Trust Corporation (NYSE: WL) common shares between January 18, 2008 up to November 1, 2010. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between January 18, 2008 up to November 1, 2010.

March 7, 2011 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

January 18, 2011 - Lead plaintiff motions were filed.

December 10, 2010 - Another investor filed a complaint in the U.S. District Court for the District of Delaware on behalf of investors who purchased Wilmington Trust Corporation (NYSE: WL) common shares between April 18, 2008 and November 1, 2010.

November 23, 2010 - Another investor filed a complaint in the U.S. District Court for the District of Delaware on behalf of investors who purchased Wilmington Trust Corporation (NYSE: WL) common shares between April 18, 2008 and October 29, 2010.

November 18, 2010 - An investor in shares of Wilmington Trust Corporation (NYSE: WL) filed a lawsuit in U.S. District Court for the District of Delaware against Wilmington Trust Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 23, 2009 and November 1, 2010.

According to the complaint the plaintiff alleges that Wilmington Trust Corporation and certain of its officers and executives violated the Securities Exchange Act of 1934 by issuing between October 23, 2009 and November 1, 2010 materially false and misleading statements regarding the Wilmington Trust Corporation’s business and financial results. Then on November 1, 2010, Wilmington Trust Corporation announced it lost $365.3 million in the third quarter of 2010, the quarter ended September 30, 2010, primarily as a result of a $281.5 million charge to “reflect the increased risk in our loan portfolio” and a $100.7 million income tax charge resulting from Wilmington Trust Corporation’s continued losses and the uncertainty about the reliability of Wilmington Trust Corporation’s deferred tax asset due to the poor credit quality of it loan portfolio.

Recently Wilmington Trust Corporation also announced that it and M&T Bank Corporation have entered into an agreement under which Wilmington Trust will merge with M&T Bank. Several investors in Wilmington Trust Corporation filed lawsuits in State Court against Wilmington Trust Corporation directors for allegedly selling Wilmington Trust Corporation too cheaply to M&T Bank Corp.

Shares of Wilmington Trust Corporation (NYSE: WL), which closed the trading day before the November 1 announcement at $7.11, fell in response to the proposed takeover by more than 40% and closed Monday, November 1 at $4.21 per share. WL shares traded in the beginning of February at $12.18 per share but increased until April 22 to as high as $20.16 per share.