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Violation Tracker Individual Record

Company: Wilmington Trust, N.A.
Current Parent Company: M&T Bank
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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 Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.