This Week
  • Check out a slideshow of a $4M exhibit coming to the Strong Museum.

  • Younger workers are less likely to stick with one employer.

  • In the region's telecom industry, being small can be a competitive advantage.

  • United Way leader Fran Weisberg works for change by bringing people together.

  • Rochester Precision Optics LLC employs 200 full-time and eight part-time staffers.

  • Dmitriy Ruzhanskiy has crafted his career in the restaurant industry.

M&T cuts net income after settling lawsuit

Rochester Business Journal
February 13, 2014

M&T Bank Corp. has reduced its net income for the fourth quarter by $24 million after settling a lawsuit involving its Wilmington Trust Co. subsidiary.

The adjusted net income is now $203.4 million, or $1.56 a diluted share, down from the $227.4 million, or $1.74 a share, the bank reported Jan. 17. M&T released the revised numbers Wednesday.

The Buffalo-based bank reached a settlement Monday with the heirs of Mennen Co., who sued Wilmington Trust in 2013 and sought $100 million in damages because of alleged investment losses.

The trial was scheduled to begin Tuesday in Delaware Chancery Court.

M&T is the market leader in Rochester with local deposits of $3.8 billion.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google