Wells Fargo reaches settlement agreement - Winston-Salem Journal: Business News

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Wells Fargo reaches settlement agreement

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Posted: Tuesday, December 18, 2012 12:00 am

Wells Fargo & Co. has agreed to pay Sarasota County $23.75 million to settle claims that Wachovia Corp. mismanaged the county’s securities lending portfolio in 2007-2008.

The county filed suit in 2010, alleging Wachovia was negligent when it invested county funds in Lehman Brothers bonds and a complex “collateralized debt obligation” issued by Altius Funding. Wells Fargo assumed Wachovia’s liabilities when it took over the collapsing bank in late 2008.

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