In response to the buyout rumors an investigation on behalf of investors of Wilmington Trust Corporation (NYSE:WL) over possible breaches of fiduciary duties was announced.

The investigation by a law firm concerns whether Wilmington Trust Corporation and certain of its officers and directors breach or breached their fiduciary duties owed to Wilmington Trust Corporation (NYSE:WL) investors in connection with the takeover rumors or in the event of a takeover.

Wilmington Trust Corporation is a financial holding company engaged in providing a range of banking and other financial services through its banking and other subsidiaries. Wilmington Trust Corporation Net Income went from a Net Income of $143.80million in 2006 and $182million in 2007 to Net Loss of $23.60million in 2008 and $4.4million in 2009.

Shares of Wilmington Trust Corporation traded on October 22, 2010 at $7.72 per share before WL shares jumped to $9.54 per share in response to a media report that Wilmington Trust Corporation is said to seek buyers for a potential takeover.

But shares of Wilmington Trust Corporation traded at $9.20 per share as early as October 01, 2010, at almost $13 in July and as high as $20 in April 2010. During 2008 WL shares reached almost $36 per share and traded during 2006 over $45 per share.

The investigation by a law firm questions whether a potential sale process and the potential price would be unfair to the shareholders of Wilmington Trust Corporation (NYSE:WL).

Bloomberg reported on October 22, 2010 that Wilmington Trust Company is said to seek buyers and is in talks with Canadian Banks

The investigation focuses whether the Wilmington Trust board of directors will undertake an adequate and fair sales process to obtain fair consideration for all shareholders of Wilmington Trust Corporation (NYSE:WL) and will breach their fiduciary duties to Wilmington Trust (NYSE:WL) shareholder by failing to adequately shop the Company before entering into any transaction.