Wells Fargo Settles SEC Charges Related To Wachovia
Wells Fargo has agreed to pay more than $11 million to settle charges that Wachovia overpriced complex mortgage-backed securities in the run-up to the financial crisis. Wells Fargo acquired Charlotte-based Wachovia in 2008. The SEC alleges Wachovia was charging too much for certain investment products in 2007, when the value of the underlying mortgages was slipping. In agreeing to the settlement, Wells Fargo neither admitted nor denied the SEC's findings.