Wells Fargo will buy back about $700 million in troubled auction-rate securities from California investors under a settlement announced by the state's AG on Wednesday. In a separate deal, the bank will repurchase nonliquid auction-rate securities totaling some $700 million from non-California residents.
November 20, 2009 at 12:00 AM
1 minute read
Wells Fargo & Co. will buy back an estimated $700 million in troubled auction-rate securities from California investors under terms of a settlement announced by Attorney General Jerry Brown on Wednesday.
The banking giant will also pay the AG’s office $600,000 to cover investigation expenses and monitoring of the settlement’s terms. In exchange, Brown will drop the civil lawsuit he filed against Wells Fargo in San Francisco Superior Court in April.
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