Wells Fargo, SEC settle claims over CDOs tied to mortgages

04/6/2011 | Bloomberg

The Securities and Exchange Commission claims that Wachovia Capital Markets, which was acquired by Wells Fargo during the global financial crisis, improperly sold collateralized debt obligations to an individual investor and the Zuni Indian tribe. Wells Fargo agreed to pay $11.2 million to settle the claims. "The settlement relates to actions taken by Wachovia in 2007 in the early days of the credit crisis," said Mary Eshet, a spokeswoman for Wells Fargo. "The issues presented here were complex, and Wells Fargo is pleased to have resolved this matter."

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