WSFS Financial Corp. in Wilmington, Delaware, is receiving $15 million as part of a settlement that resolves a years-old legal dispute tied to a bank it acquired in 2010.
The $20 billion-asset bank announced the settlement Thursday, saying it helped the bank recover all legal costs tied to a case related to its 2010 acquisition of Christiana Bank & Trust. The case revolved around Christiana's role prior to the acquisition as “insurance trustee” of the Charter Oak Trust Welfare Benefit Plan, which turned out to be a scheme to defraud insurers.
WSFS had
The settlement announced Thursday was one of those approaches. WSFS settled with an unnamed counterparty to the Delaware bank’s 2010 stock purchase agreement in which it bought Christiania Bank & Trust, resolving a lawsuit in which WSFS sought to enforce an indemnity clause in the agreement.
In addition to the $15 million settlement, WSFS has also received $8 million in a separate settlement of a lawsuit it filed against insurance carriers that provided coverage related to Universitas.
WSFS said it expects the latest settlement will increase its after-tax earnings by 23 cents per share in the fourth quarter of 2021.
