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Jack Beeson, Wilmington Trust

Wilmington Trust named trustee for Volkswagen Environmental Mitigation Trust

Wilmington Trust has been appointed as trustee for the USD2.7 billion Volkswagen Environmental Mitigation Trust.

The trust, established as part of Volkswagen's diesel emissions settlement, will be used to implement approved air pollution mitigation initiatives in US states and federally-recognised Native American nations.
Wilmington Trust was selected as trustee because of its 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 experience as a trustee for environmental mitigation trusts.
The trustee was chosen by a committee representing the US Department of Justice, Environmental Protection Agency, the, US states, territories, and Native American nations, and was approved by the US 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 programme. Additionally, Wilmington Trust served on the unsecured creditors' committee in the Washington Mutual, WorldCom, General Growth Properties and Tribune Company bankruptcies.
"We are honoured to be selected to administer the environmental mitigation trust," says Jack Beeson (pictured), 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 finalise the trust agreement, which will require approval by the court.

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