Law360, New York (December 08, 2011, 1:37 PM ET) -- Wachovia Bank NA has agreed to pay $148 million to settle allegations that it secretly rigged bids on municipal bond-related investments, the U.S. Securities and Exchange Commission and U.S. Department of Justice said Thursday.
Wachovia, which is now a part of Wells Fargo Bank NA following a merger, admits that former employees broke the law by rigging bids on so-called municipal derivatives, investment products connected with municipal bonds, the DOJ's antitrust division said.
This settlement follows similar agreements that federal investigators have reached with other major...
Wachovia Settles Bond Bid-Rigging Claims For $148M
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