WASHINGTON -- Wachovia Bank NA, currently Wells Fargo & Co., has reached a tentative settlement of a class action suit with municipal issuers over antitrust charges of bid-rigging for municipal investment, derivatives and other contracts.
Under the settlement — which was reached on Oct. 21 with the attorneys for the issuers but still must be approved by a federal judge in New York — Wells Fargo would pay the greater of $37 million or 65% of restitution of any future settlement with the state attorneys general. The state AGS have been conducting their own investigation of bid-rigging.
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