Category: Banking and Financial Services

Citizens Bank has selected payments technology company Transactis to expand its electronic billing and payment offerings. The use of Transactis will enable Citizens’ commercial clients to distribute bills to their customers electronically and accept payments online. Citizens has worked to enhance its treasury offerings, incorporating the cloud-based Transactis platform to allow small business clients as…

(AP) — Wilmington Trust Corp., the only financial institution to be criminally charged in connection with the federal bank bailout program, reached a $60 million settlement with prosecutors Tuesday just as the corporation and four former top executives were set to go to trial on bank fraud charges. The agreement includes a civil forfeiture of…

Wilmington Trust will serve as the trustee and investment manager for the $975 million Takata Restitution Fund. The fund was created as part of a settlement between the U.S. Justice Department and Takata Corp. following a lawsuit against the company for selling malfunctioning airbags. The money will go towards individuals injured due to the faulty…

(AP) — A federal judge has refused to force a former Wilmington Trust official to testify in a shareholder lawsuit stemming from the bank’s collapse. The judge last week denied Wilmington Trust’s motion to compel deposition testimony from Joseph Terranova, who is awaiting sentencing after pleading guilty to conspiracy to commit bank fraud. Terranova gave…

By Roger Morris Special to Delaware Business Times Editor’s note: this article first appeared in the August 22 edition of Delaware Business Times When the DowDuPont merger becomes final on August 31, it will mark a seismic change in the history of the 215-year-old Delaware company, yet there will be few outward indications that anything…

(AP) — Delaware authorities say they have reached a settlement with a Michigan-based company accused of engaging in deceptive business practices. The settlement announced Monday is the second in two years involving The Mandatory Poster Agency Inc., doing business as the Delaware Council for Corporations. The three brothers who run the business entered into a…

Perhaps like the “War of the Roses” movie-style split that spawned their unique Delaware court case, the litigants in the TransPerfect Global matter before Delaware Chancery Court — former betrothed lovers Phil Shawe and Liz Elting — can’t even agree this summer on whether the mediation attempt to resolve their legal dispute has broken down.…

(AP) — A former bank loan officer has pleaded guilty in a case involving a Maryland doctor charged with conspiring to commit bank fraud and making false statements on loan applications. Forty-seven-year-old Tae H. Kim of Wayne, Pennsylvania, was accused of conspiring to engage in fraudulent activity with Zahid Aslam of Elkton, Maryland, an OB-GYN…