Frequently Asked Questions

  1. Why did I receive a Plan Notice?

    You purchased Wilmington Trust Corporation common stock, traded on the NYSE during the Relevant Period, and filed a claim in the related Class Action, In re Wilmington Trust Securities Litigation, No. 1:10-CV-990 (D. Del.) on or before July 9, 2020; or you filed an exclusion from the class in connection with the class notice portion of the Class Action (“opted out”).

    You may review a copy of the Plan Notice here.

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  2. What is this proceeding about?

    On September 11, 2014, the Securities and Exchange Commission (the “Commission”) issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (the “Order”) against Wilmington Trust Corporation (“WTC”) According to the Order, the administrative proceeding arose out of false and misleading disclosures by WTC concerning its accruing loans past due 90 days or more over multiple quarters during 2009 and 2010, its non-accruing loans in the third quarter of 2009, and its reserves for loan losses in the third and fourth quarters of 2009. The Commission found, among other things, that WTC omitted almost $339 million in matured loans past due 90 days or more from its disclosures in its filings with the Commission for the third quarter of 2009; omitted over $330 million in matured loans past due 90 days or more from its disclosures in its filings for the year ended 2009; and incorporated its false and misleading Form 10-K for 2009 by reference in the offering materials for a February 2010 public offering in which WTC sold $287 million of its common stock. The Commission determined that, by its conduct, WTC violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, and Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934 and Rules 13a-1, 13a-11, 13a-13, and 12b-20 thereunder. The Commission ordered the WTC to pay disgorgement of $16,000,000 and prejudgment interest of $2,545,896.16 to the Commission (the “Wilmington Trust Distribution Fund”). WTC has paid in full.

    The Plan of Distribution (the “Plan”) was approved by the Commission on September 3, 2020 and provides for the distribution of the Wilmington Trust Distribution Fund, plus interest, less taxes, investment fees, and fees and expenses of tax and fund administration (“Net Available Distribution Fund”) to Eligible Investors, as defined in the Plan.

    The Order can be found under the Important Documents page or at https://www.sec.gov/divisions/enforce/claims/wilmington-trust-corporation.htm.

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  3. What is the total amount of the Wilmington Trust Distribution Fund and how much will be distributed to Eligible Investors?

    The Wilmington Trust Distribution Fund is comprised of the $18,545,896.16 collected in the Commission’s administrative action, $43,993,288.93 collected by the Department of Justice in a related Forfeiture Action, United States v. $44,000,000 in United States Currency, 17-cv-01416-RGA (D. Del.), and by Order dated October 1, 2020, $114,703.72 collected in a related civil action, SEC v. Gibson, et al., 15-cv-00363 (RGA) (D. Del.), for a total Distribution Fund of $62,653,888.81. It is deposited in an interest-bearing account at the United States Department of the Treasury’s Bureau of Fiscal Service, where it will be held until disbursement is ordered. Accrued interest and any additional funds received pursuant to court or Commission order and/or agreement shall be added to the Distribution Fund. The Wilmington Trust Distribution Fund, plus interest, less taxes, investment fees, and fees and expenses of tax and fund administration (“Net Available Distribution Fund”) is available for distribution to “Eligible Investors” as defined in the Plan.

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  4. Who is the Fund Administrator?

    By Order dated April 30, 2020, the Commission appointed Epiq Systems, Inc. as the Fund Administrator for the Wilmington Trust Distribution Fund (“Epiq” or the “Fund Administrator”).

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  5. What is Epiq’s relationship to the Administrative Proceeding?

    Epiq has been appointed by the Commission as the Fund Administrator in the referenced administrative proceeding to fulfill certain responsibilities more fully described in the Plan, Section III. The Order Appointing Fund Administrator can be found under the Important Documents page or at https://www.sec.gov/divisions/enforce/claims/wilmington-trust-corporation.htm.

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  6. What is the Relevant Period?

    The period during which you must have purchased or otherwise acquired shares of WTC common stock in order to be considered for eligibility under the Plan. The Relevant Period is January 18, 2008 through October 31, 2010, inclusive.

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  7. I filed a claim in the Wilmington Trust Securities Litigation Class Action. Do I need to file a claim in this Administrative Proceeding?

    No. If you filed a claim in the Class Action, that claim has been automatically entered as a claim in this matter, and you do not need to do anything.

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  8. I filed an exclusion (opted out) from the Wilmington Trust Securities Litigation Class Action. What, if anything, must I do?

    If you opted out of the Class Action and would like to participate in this Administrative Proceeding, the Fund Administrator will require information from you regarding your transactions in WTC common stock during the Relevant Period. If you have been identified as an individual or entity that opted out of the Class Action, you will be mailed a letter with additional information and directions on how to participate in this distribution. Please read the letter carefully. You must follow the directions in the letter in order to be considered for eligibility. If you have read the letter and still have questions on how to participate, or you opted out but did not receive a letter, you may contact the Fund Administrator by calling toll-free 855-917-3486; emailing info@WilmingtonTrustSECDistributionFund.com; or writing to:

    Wilmington Trust Distribution Fund
    Fund Administrator
    P.O. Box 3058
    Portland, OR 97208-3058

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  9. I did not file a claim in the Wilmington Trust Securities Litigation Class Action and I did not opt out. Can I file a claim now?

    No. There is no claims process in connection with the Wilmington Trust Distribution Fund and no new claims will be accepted. Rather, the Fund Administrator will identify and evaluate claims and exclusions submitted in the related Class Action for eligibility under the Plan.

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  10. Who is potentially eligible to participate in the Wilmington Trust Distribution Fund?

    If you purchased or otherwise acquired shares of WTC common stock (ticker symbol is WL) during the period January 18, 2008 through October 31, 2010, inclusive, are not an Excluded Party as defined in FAQ 11, and suffered a loss according to the Plan, you may be eligible for a Distribution Payment from the Wilmington Trust Distribution Fund.

    To be eligible for a payment from the Wilmington Trust Distribution Fund, you must have purchased or otherwise acquired shares of WTC common stock during Relevant Period; filed a claim in the Class Action on or before July 9, 2020, or filed an exclusion from the class in connection with the class notice portion of the Class Action (“opted out”); and satisfy the other criteria set forth in the Plan. Distribution Payments will be subject to a $10.00 Minimum Distribution Amount.

    There will be no claims process. Investors will be identified, and claims evaluated based on information previously obtained by the Fund Administrator in connection with the related Class Action, In re Wilmington Trust Securities Litigation, No. 1:10-CV-990 (D. Del.). However, persons who opted out from the Class Action will have to submit additional documentation to be considered for eligibility in this distribution.

    If you opted out of the Class Action and would like to participate in this distribution, the Fund Administrator will require information from you regarding your transactions in WTC common stock during the Relevant Period. If you have been identified as an individual or entity that opted out of the Class Action, you will be mailed a letter with additional information and directions on how to participate in this distribution. If you opted out out of the Class Action but did not receive a letter, you may contact the Fund Administrator by calling toll-free 855-917-3486; emailing info@WilmingtonTrustSECDistributionFund.com; or writing to:

    Wilmington Trust Distribution Fund
    Fund Administrator
    P.O. Box 3058
    Portland, OR 97208-3058

    If you are still not sure whether you are eligible to participate, you can ask for free help by contacting the Fund Administrator toll-free at 855-917-3486; emailing info@WilmingtonTrustSECDistributionFund.com; or writing to:

    Wilmington Trust Distribution Fund
    Fund Administrator
    P.O. Box 3058
    Portland, OR 97208-3058

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  11. Who is excluded from participation in the Distribution Fund?

    Excluded Parties are: Wilmington Trust Corporation, any person who was an officer or director of the Respondent during the Relevant Period, and any firm, trust, corporation, or other entity in which the Respondent has or had a controlling interest; the defendants in USA v. North, et al., 15-cr-23 (D. Del.) against whom judgments have been entered and their assigns, heirs, spouses, parents, dependents or controlled entity(ies); and the Fund Administrator, its employees, agents, and those persons assisting the Fund Administrator in its role as Fund Administrator.

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  12. How do I get information about my claim in the Wilmington Trust Distribution Fund?

    You may contact the Fund Administrator for more information by calling toll-free 855-917-3486; emailing info@WilmingtonTrustSECDistributionFund.com; or writing to:

    Wilmington Trust Distribution Fund
    Fund Administrator
    P.O. Box 3058
    Portland, OR 97208-3058

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  13. What is the CUSIP and ticker for Wilmington Trust Corporation common stock?

    The CUSIP for WTC common stock during the Relevant Period is 971807102. The ticker symbol is WL.

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  14. How much money will I receive if my claim in this Administrative Proceeding is approved?

    At this time, it is not possible to determine the amount of any individual payment because the amount will depend on a variety of factors. In order for a claim to be paid, the Distribution Payment must equal or exceed $10.00.

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  15. How will my information be protected?

    As a long-established firm, Epiq's electronic systems, software applications, and employee and operational protocols are all designed to protect and secure the case information provided to us. Further, Epiq is obligated to fulfill the security requirements mandated by the various court jurisdictions and governmental entities that oversee the various types of cases it administers.

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