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Legal and Other Proceedings
3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Legal and Other Proceedings
LEGAL AND OTHER PROCEEDINGS
In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation-related matters that arise in the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance.
From time to time we are brought into certain legal matters and/or disputes through our Wealth Management segment, as a result of sometimes highly complex documents and servicing requirements that are part of this business. While the outcomes carry some degree of uncertainty, management does not currently anticipate that the ultimate liability, if any, arising out of such other proceedings we are aware of, will have a material effect on the Consolidated Financial Statements.

On April 7, 2015, WSFS Bank received a notice of arbitration and statement of claim (the Claim) from Universitas Education, LLC (Universitas) relating to Christiana Trust acting as “insurance trustee” of the Charter Oak Trust Welfare Benefit Plan (the Trust). The actions underlying the Claim occurred during a period prior to WSFS Corp’s acquisition of Christiana Trust. According to the allegations contained in the Claim, certain death benefits made payable to the asserted trustee of the Trust were misappropriated by individuals associated with that trustee and plan sponsor. None of those individuals, however, were employed by or agents of Christiana Trust or WSFS Bank. It also is alleged that Christiana Trust breached its fiduciary duty and engaged in fraud, negligence and statutory theft in connection with the disappearance of the misappropriated funds. It is further alleged that Universitas was the rightful beneficiary under the Trust of the misappropriated funds, and thus was harmed because it did not receive the death benefits that had been paid over to the asserted trustee of the Trust. The Claim subsequently was amended to add a count for breach of contract. The Claim seeks an award of approximately $30 million plus interest, as well as the costs incurred by Universitas in pursuing the Claim and statutory and other penalties. WSFS is vigorously defending itself against the Claim and believes that it has valid factual and legal defenses to the Claim. WSFS does not believe that the ultimate resolution of the Claim will have a material adverse effect on the Company, but there can be no assurance as to the ultimate outcome.
There were no material changes or additions to other significant pending legal or other proceedings involving us other than those arising out of routine operations.