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Wells Fargo Agrees $37M to Settle Bid-Rigging Lawsuits


This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: Class action lawsuits filed by various municipalities against Wells Fargo look set to end, as Wells Fargo & Co has agreed to settle the suits, but they are pending court approval.

The lawsuits alleged bid-rigging by Wachovia's municipal derivatives group, according to a report on Reuters.com.

Wells Fargo, which acquired Wachovia in 2008, agreed to pay the greater of $37 million or 65 percent of any restitution amount reached in any future settlement with state attorneys general investigating Wachovia's practices, according to the filing.

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Published on Nov-9-11


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