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U.S.: Wachovia to pay $148M for state, local government schemes

 |  January 4, 2013

Wachovia Bank will reportedly pay $148 million to settle charges over bid-rigging brought on by the Securities and Exchange Commission. The Commission had charged the bank in its conspiracy to overcharge governments on state and local levels on their investments, according to the SEC; the conspiracy ran for eight years in 25 states and Puerto Rico, involving at least 58 municipal bond reinvestment transactions, the SEC said. Wachovia Bank is now Wells Fargo Bank since a March 2010 merger.


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