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M&T cuts net income after settling lawsuit

By THOMAS ADAMS - 2/13/2014 3:46:27 PM

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.

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