Wash. Hits Wachovia With ARS Fine

Law360, New York (April 6, 2009, 12:00 AM EDT) -- The state of Washington has fined Wachovia Corp. nearly $500,000 for misleading investors as part of an earlier settlement that will see the company buy back up to $50 million in auction rate securities from Washington investors, the state's Department of Financial Institutions announced.

The fine and settlement amount are part of a wider $8.5 billion settlement Wachovia Securities reached in August with the North American Securities Administrators Association and several states.

“We are pleased to see the problem for Washington investors resolved,” DFI Securities Director...
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