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Wells Fargo Agrees To $60 Million Settlement

SAN FRANCISCO, Dec. 8 (UPI) — U.S. banking giant Wells Fargo agreed to pay more than $60 million to settle charges of fraud and bid rigging, the Department of Justice said.

The case is part of a $148 million settlement involving various banks that engaged in anti-competitive practices in the municipal bond derivatives market, The Denver Post reported Thursday.

In Wells Fargo’s case, the charges were leveled at employees at Wachovia, which Wells Fargo purchased in 2008.

Wells Fargo’s settlement includes a fine of $58.75 million and an agreement to pay $3 million to offset states for legal expenses and $1.25 million in a civil penalty.

UPI - United Press International, Inc.

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