Wachovia Also Part Of Municipal Bond Probe

Law360, New York (February 28, 2008, 12:00 AM EST) -- Wachovia Bank NA and two of its employees are being investigated by the U.S. Securities and Exchange Commission and the U.S. Department of Justice for possible wrongdoing related to municipal bond bid-rigging.

In a Thursday filing with the SEC, Wachovia Corp. said that its bank unit had received subpoenas from both the DOJ and the SEC as part of a wide look into the bond practices of a number of financial institutions.

Both the DOJ and SEC told the bank that they believe some of its...
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