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Wells Fargo Settles Bid Rigging Case For $148.2M

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(Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

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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.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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