Wells Fargo Fund To Pay $40M In SEC Settlement

Law360, New York (June 8, 2009, 12:00 AM EDT) -- An investment firm owned by Wells Fargo & Co. has agreed to pay $40 million to resolve allegations by the U.S. Securities and Exchange Commission that it inflated the value of a mutual fund heavily invested in mortgage-backed securities and then only revealed problems with the fund to select investors.

The SEC announced the settlement with Boston-based Evergreen Investment Management Co. LLC and an affiliate on Monday, saying the two entities would fork over $33 million to compensate fund shareholders, in addition to $4 million in...
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