Trustmark settles Stanford Financial Group litigation for $100M; no admission of liability

TRUSTMARK CORP

One-time cash payment of $100M to the Stanford Receivership Estate; recognized as Q4 2022 expense.
Settlement covers Rotstain, Smith, and Jackson actions and bars future Stanford-related claims against Trustmark.
Trustmark expressly denies any liability or wrongdoing; settlement reflects ordinary banking services to business deposit customers.
Final approval subject to court entry of bar orders and execution of definitive settlement agreement; Trustmark remains well-capitalized.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

TRUSTMARK CORP entered into Settlement Agreement with Ralph S. Janvey, solely in his capacity as the court-appointed receiver for the Stanford Receivership Estate; the Official Stanford Investors Committee; each of the plaintiffs in the Rotstain and Smith Actions valued at $100 million (effective 2022-12-31).

Action: entry
Agreement: settlement
Counterparty: Ralph S. Janvey, solely in his capacity as the court-appointed receiver for the Stanford Receivership Estate; the Official Stanford Investors Committee; each of the plaintiffs in the Rotstain and Smith Actions
Value: $100 million
Effective: 2022-12-31

Exact text from the filing

Trustmark expects to be relieved of pre-trial deadlines and the February 27, 2023 trial setting in the Rotstain Action pending final Court approval of a Settlement Agreement reflecting the terms of the Settlement and pending entry of the bar orders.

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Source: SEC EDGAR

accession 0000950170-23-000013

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