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Post by Logan on Feb 6, 2016 19:59:56 GMT -6
Wilmington Trust Corp. has pleaded not guilty – a move that could put it on the hook for up to $1 billion if convicted at a trial in January 2017. Tobin Romero, one of the eight attorneys representing the corporation, entered the plea Friday in U.S. District Court in Delaware. He later told a judge it is highly unusual for a banking corporation to proceed to a criminal trial, but Wilmington Trust, which is a wholly-owned subsidiary of M&T Bank Corp., will fight the case. Wilmington Trust was added as a defendant to the indictment pending against former senior bank executives David Gibson, Robert V.A. Harra, William North and Kevyn Rakowski in January. It was a rare move that marked the first time a bank that received federal bailout money under the Troubled Asset Relief Program was indicted. The 19-count indictment charges the executives and bank for their alleged roles in concealing from federal regulators and bank shareholders the total amount of past-due loans on Wilmington Trust’s books from October 2009 to November 2010. Read more: www.delawareonline.com/story/news/crime/2016/02/05/wilmington-trust-pleads-not-guilty-friday/79892986/
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