Wells Fargo to Pay $148 Million in Muni Bid-Rigging Case
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Wells Fargo & Co. agreed to pay $148 million to settle criminal charges and civil claims for conspiring to overcharge state and local governments on investments, becoming the fourth bank to enter a settlement in the case.
The deal will resolve investigations into Wachovia Bank, which Wells Fargo acquired in 2008, by federal agencies, including the Securities and Exchange Commission and the Justice Department, as well as attorneys general in 26 states, the Justice Department said in a statement.