11/19/2009

Wells Fargo customers across the U.S. will receive a total of $1.4 billion from the bank to settle a lawsuit brought by California Attorney General Jerry Brown regarding the bank's marketing and sale of auction-rate securities. The bank is also required to pay as much as $600,000 in expenses. "Wells Fargo convinced thousands of investors to purchase auction-rate securities with promises of robust returns and liquidity, but when the market collapsed, investors were left out in the cold," Brown said.

Related Summaries