Wells Fargo Must Repurchase $2.2M In ARS From Investors

Law360, New York (May 10, 2012, 9:50 PM EDT) -- A Financial Industry Regulatory Authority Inc. arbitration panel ordered Wells Fargo & Co. on Tuesday to repurchase $2.25 million in auction-rate securities from investors who had accused the bank of excluding them from its landmark $1.4 billion settlement over the potentially risky securities.

The investors, Richard Wagner and Donna Wagner, had claimed that Wells Fargo breached its responsibility to them by excluding them from the November 2009 agreement, in which Wells Fargo agreed to buy back $1.4 billion in ARS from retail customers, charities and small...
To view the full article, register now.