Delaware Landmark Legal Settlements
New York pays Delaware in $200 million securities settlement
New York State in 1994 agreed to pay the state of Delaware $200 million in a settlement involving unclaimed dividend and interest payments on securities.
The settlement involves brokerage firm accounts in which the owner of the funds cannot be located. In such cases, most states' laws allow the funds to become the property of the government after a period of time.
New York had claimed hundreds of millions of the so-called "escheat" funds because the brokerage firms that held the money were there. Delaware, where many major companies are incorporated for tax purposes, claimed it had a right to the money.
WaMu settles landmark case
Washington Mutual’s bankrupt holding company reached a groundbreaking settlement with the FDIC and JPMorgan Chase, recovering more than $6 billion.
Washington Mutual's settlement with the FDIC and JPMorgan Chase was expected to allow investors of the failed bank to recover some of their losses.
The settlement, announced at a Delaware bankruptcy hearing in 2010, ended months of legal wrangling after federal regulators seized Washington Mutual in 2008.
Navy doctor settles abuse suit with diocese
The Roman Catholic Diocese of Wilmington in 2008 agreed to settle a sexual abuse lawsuit filed by a Navy doctor for $450,000.
Cmdr. Kenneth Whitwell alleged he was repeatedly raped and molested by the Rev. Edward J. Smith while attending Archmere Academy in Wilmington and that church officials did nothing to protect him.
Whitwell filed a lawsuit in state court alleging more than 200 acts of abuse in Delaware and other states.
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