Del. bank settles lawsuit against former execs

AP News
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Posted: Apr 08, 2011 5:53 PM
Del. bank settles lawsuit against former execs

Wilmington Trust has settled a lawsuit it filed against three former vice presidents who defected to a rival firm in advance of Wilmington Trust's acquisition by M&T Bank Corp.

An attorney for Wilmington Trust said Friday that the parties had reached the settlement Wednesday, less than a week after the complaint was filed.

A Chancery Court judge dismissed the case but retained jurisdiction to enforce the terms of the settlement agreement, which is confidential.

Wilmington Trust alleged in the lawsuit that former executives Barbara L. McCollum, Robert D. Rosenberg and Paul T. Gordon had conspired to misappropriate confidential business information that could be used by their new employer, Citi Private Bank, and secretly recruited colleagues at Wilmington Trust to join them at Citi Private Bank, part of Citigroup Inc.