Violation Tracker Individual Record

Company: 
Wilmington Trust, N.A.
Current Parent Company: 
M&T Bank
Penalty: 
$88,000,000
Year: 
2020
Date: 
April 30, 2020
Offense Group: 
employment-related offenses
Primary Offense: 
benefit plan administrator violation
Violation Description: 

The Labor Department reached an agreement with Wilmington Trust, N.A. requiring it to pay a combined $80 million to 21 employee stock ownership plans (ESOPs) for which it served as trustee and $8 million to the government, and to reimburse plan sponsors of ESOPs for legal costs and expenses advanced in connection with the Department's investigations and litigation.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Employee Benefits Security Administration
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.