Wells Fargo Reaches $37M Deal In Bid-Rigging MDL

Law360, New York (November 8, 2011, 1:53 PM EST) -- Wells Fargo & Co. will pay at least $37 million to settle a multidistrict litigation in New York in which municipalities accuse several financial institutions of rigging bids on municipal derivatives, it said in a regulatory filing Tuesday.

In its quarterly report with the U.S. Securities and Exchange Commission, Wells Fargo said the settlement — which the federal court must still approve — would result in the bank paying either $37 million or 65 percent of the restitution in any future settlement with various state attorneys...
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