Wednesday, April 6, 2011

Wells Fargo Pays to Settle Wachovia Claims

Wells Fargo's paying $11.2 million to settle allegations that a bank it acquired overcharged clients for mortgage investments before the housing bubble burst. The SEC says the payment resolves charges that Wachovia Capital Markets LLC misled investors to sell mortgage bonds in late 2006 and early 2007. The charges stem from Wachovia's sale of two bonds known as collateralized debt obligations, or CDOs. Wells Fargo bought Wachovia in 2008.

No comments:

Post a Comment