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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.


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