Wells Fargo Settles Wachovia Securities Suits For $75M

Law360, New York (December 2, 2011, 2:25 PM EST) -- Wells Fargo & Co. will pay $75 million to settle shareholders' class action allegations in New York federal court that Wachovia Corp. violated securities law by misrepresenting mortgage-based holdings after acquiring a California-based mortgage lender in 2006, a Wells Fargo spokesman said Friday.

Wells Fargo reached the settlement in principle to end the suit, known as the equity action, part of extensive litigation the bank has faced since its 2008 acquisition of the foundering Wachovia during the wave of bank consolidation following the financial crisis....
To view the full article, register now.