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Wells Fargo Bank, N.A., successor by merger to Wachovia Bank N.A., has agreed to pay $46 million to settle charges brought by the Securities and Exchange Commission that Wachovia fraudulently rigged bids in municipal bond reinvestment transactions in 25 states and Puerto Rico.
The payment consists of a $25 million penalty and disgorgement of almost $14 million, plus prejudgment interest of about $7.3 million.
Wachovia merged with Wells Fargo in March 2010. As successor to Wachovia, Wells Fargo also signed agreements with the Justice ...
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