Category: Banking and Financial Services

(AP) — A federal judge has scheduled a hearing on a motion to approve a proposed $210 million cash settlement in a shareholder lawsuit alleging that Wilmington Trust fraudulently concealed billions of dollars in bad loans. The judge will hold a July 2 hearing in Philadelphia regarding a request by plaintiffs’ attorneys for preliminary approval…

Bank of America is teaming up with Special Olympics Delaware to launch a “Better Money Habits” pilot program for people with disabilities. The partners announced the pilot at the Special Olympics Delaware’s 2018 Athlete Leadership Conference on May 19. The program will roll out nationally later this year. The Better Money Habits program consists of…

First Data, a global technology provider, and Navient, the Delaware-based loan provider, on Wednesday announced  a strategic agreement for First Data to become the primary provider of technology solutions for Navient’s federal education loans. First Data formerly supported Navient’s private student loans. Now it will cover both private and federal education loans. “This agreement with…

Scott S. Smith, financial adviser for Edward Jones, last week celebrated the grand opening of his new office in Selbyville, Delaware. Smith organized the open house and ribbon cutting with the help of the Bethany-Fenwick Area Chamber of Commerce. Edward Jones, headquartered in Missouri, is among the largest financial services firms in the country, cracking the Fortune…

The landmark Fair Housing Act will be 50 years old this year. Two full generations have grown up in the United States in this time, educated in schools teaching over a century of civil rights struggles and efforts to stop discrimination, whether by race, color, religion, sex or other prohibited basis. The Wall Street Reform…

The American Bankruptcy Institute (ABI) has named Ted Gavin, CTP, as president of its board of directors. Gavin is a founding partner and managing director of corporate restructuring and public affairs at Gavin/Solmonese, which has offices in New York City and Wilmington. The one-year term began in April at ABI’s 2018 Annual Spring Meeting. Gavin…

(AP) — Four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program were convicted Thursday of fraud and conspiracy charges. The former Wilmington Trust executives were convicted after a six-week trial in which prosecutors said the defendants deliberately misled banking regulators and investors by not…

J.D. Power last week released its 2018 study of customer satisfaction with retail banks. The study gathered responses from 88,000 customers of the 200 largest banks in the country. Northwest Bank topped the list, followed by Community Bank and Dollar Bank. TD Bank, the largest in the Philadelphia-Camden-Wilmington metropolitan region, ranked fourth. Other major banks,…

(AP) — Four former Wilmington Trust Corporation executives knew they were misleading banking regulators and investors by concealing the truth about the bank’s imploding commercial real estate loan portfolio in the wake of the 2008 financial crisis, a prosecutor told jurors Monday in the defendants’ federal fraud and conspiracy trial. “The defendants knew that what…