Wachovia May Face SEC Charges In Muni Bond Probe

Law360, New York (August 12, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is considering instituting civil or administrative proceedings against Wachovia Corp. in connection with the regulator's investigation into alleged bid-rigging in the municipal derivatives industry, the bank has disclosed.

In a 10-Q filing with the SEC Monday, Wachovia said that it had been notified that the SEC was considering filing charges. The Charlotte, N.C.-based bank also noted that it has received subpoenas from various state attorneys general investigating similar matters, and said it was cooperating with the government investigations.

In February,...
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