WILMINGTON, Del., March 20, 2017 /PRNewswire/ -- Wilmington Trust, N.A. has been appointed trustee for the Volkswagen Environmental Mitigation Trust. The $2.7 billion trust, established as part of Volkswagen's diesel emissions settlement, will be used to implement approved air pollution mitigation initiatives in U.S. states and federally-recognized Native American nations.
Wilmington Trust was selected as trustee because of its extensive experience providing trust, custody, escrow, and investment management services to public entities, including state governments and Native American tribes. An additional qualification was the company's significant experience as a trustee for environmental mitigation trusts.
The trustee was chosen by a committee representing the U.S. Department of Justice, Environmental Protection Agency, the, U.S. states, territories, and Native American nations, and was approved by the U.S. District Court for the Northern District of California.
Wilmington Trust chaired the unsecured creditors' committee for both the General Motors Corporation and Lehman Brothers bankruptcy cases. The company also served as trustee for the Greece debt restructuring program. Additionally, Wilmington Trust served on the unsecured creditors' committee in the Washington Mutual, Inc., WorldCom, General Growth Properties, and Tribune Company bankruptcies, among others.
"We are honored to be selected to administer the environmental mitigation trust," said Jack Beeson, head of Global Capital Markets at Wilmington Trust. "We've carefully built our corporate trust business over the decades by acting as an impartial and collaborative trustee, and serving in non-creditor roles in transactions. We look forward to bringing our high level of professionalism and service to this important role."
Wilmington Trust will work with the various parties to finalize the trust agreement, which will require approval by the court.
All 50 states, the District of Columbia, Puerto Rico, and Native American nations are potential beneficiaries of the trust. For more information about the Volkswagen Clean Air Civil Settlement and the application process, the EPA created an information website with FAQs, helpful links, and updates: www.epa.gov/enforcement/volkswagen-clean-air-act-civil-settlement.
ABOUT WILMINGTON TRUST
Wilmington Trust, N.A. provides Corporate and Institution Services including institutional trustee, agency, asset management, retirement plan services, and administrative services for clients worldwide who use capital markets financing structures. The corporate and institutional division is distinguished from many competitors by its status as a core business of Wilmington Trust, as well as the experience and expertise of its global staff and its multi-jurisdictional presence.
Wilmington Trust also provides Wealth Advisory services with a wide array of personal trust, financial planning, fiduciary, asset management, and family office solutions designed to help high-net-worth individuals and families grow, preserve, and transfer wealth.
Wilmington Trust has clients in all 50 states and in more than 90 countries, with offices throughout the United States and internationally in London, Dublin, and Frankfurt. For more information, visit www.WilmingtonTrust.com.
Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank and certain other affiliates, provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management and other services. International corporate and institutional services are offered through Wilmington Trust Corporation's international affiliates. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.
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SOURCE Wilmington Trust