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.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.