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Legal and Other Proceedings
12 Months Ended
Dec. 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. In addition, our defense of litigation claims may result in legal fees, which we expense as incurred.
On February 27, 2018, we entered into a settlement agreement with Universitas Eduction, LLC (Universitas) to resolve claims related to services provided by Christiana Bank and Trust Company (Christiana Trust) prior to its acquisition by WSFS in December 2010. We previously disclosed the claims in our quarterly filings on Forms 10-Q in 2017. The claims related to Christiana Trust's role as “insurance trustee” of the Charter Oak Trust Welfare Benefit Plan (the Trust). According to the allegations contained in the claims, certain life insurance policy benefits paid to an individual claiming/purporting to be a trustee of the Trust were misappropriated by individuals associated with the plan sponsor. None of those individuals, however, were employed by or agents of Christiana Trust or WSFS Bank. As previously disclosed, Universitas sought damages in excess of $54.0 million. Under the settlement agreement, we agreed to pay Universitas $12.0 million to fully settle the claims. The settlement agreement is reflected in our Consolidated Financial Statements as of December 31, 2017. WSFS will pursue all of its rights and remedies to recover this settlement and related costs, including by enforcing the indemnity right in the 2010 purchase agreement by which we acquired Christiana Trust. Additionally, we have already taken measures to recover expenses from various insurance carriers. We intend to pursue all claims that we have for full restitution of this settlement.
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.