Wells Fargo Settles Bid Rigging Case For $148.2M
CHARLOTTE, N.C. (AP) — Wells Fargo & Co. said Thursday that its subsidiary Wells Fargo Bank will pay $148.2 million to settle allegations of anti-competitive practices, such as municipal bond bid-rigging, by Wachovia Bank employees before it was acquired in 2008. Based in Charlotte until its acquistion, Wachovia was the fourth largest US bank holding company.
Wells Fargo said it has settled the case with the Office of the Comptroller of the Currency, which will get $34.5 million; the Securities and Exchange Commission, to be paid $46.1 million; the Internal Revenue Service, which gets $8.9 million; a group of state Attorneys General, which will be paid $58.75 million, and the U.S. Department of Justice.
Wells Fargo earlier settled a civil case in federal court in New York for $37 million.
The payments will not have an adverse effect on Wells Fargo’s financial results, the San Francisco company said.
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