Wells Fargo's auction-rate securities practices targeted in Calif. suit

04/24/2009 | Reuters

California Attorney General Edmund Brown has filed a $1.5 billion lawsuit accusing Wells Fargo of making false statements about the liquidity of auction-rate securities. "False and deceptive advice that these investments were as safe and liquid as cash" misled California investors, Brown said in a statement. Californians owned about 40% of the auction-rate securities sold by Wells Faro and its units.

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