WSFS Reaches Litigation Settlement and Recovery of $15 Million
“WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, announced today that it finalized a settlement to resolve litigation against the counterparty to the 2010 stock purchase agreement by which WSFS purchased Christiana Bank & Trust Company (Christiana Trust),” reports Globe News Wire in their blog.
“WSFS will receive $15 million under the settlement and anticipates a positive earnings per diluted common shares (EPS) impact of approximately $0.23 per share (after-tax) during the fourth quarter of 2021. In the litigation, WSFS sought to enforce an indemnity arising from the stock purchase agreement and recover all remaining amounts.”
