Conn. to share in Wells Fargo settlement money

AP News
Posted: Dec 08, 2011 3:59 PM
Conn. to share in Wells Fargo settlement money

Attorney General George Jepsen says Connecticut will share a small portion of the $148.2 million that Wells Fargo has agreed to pay to settle federal and state charges that it rigged dozens of bidding competitions to win business from cities and counties.

The U.S. Department of Justice, along with the federal and state regulators, had been investigating the actions of employees at Charlotte, N.C.-based Wachovia Bank, which Wells Fargo & Co. acquired in 2008.

The Securities and Exchange Commission said Wachovia generated illicit gains when it fraudulently rigged municipal bond transactions in 25 states and Puerto Rico.

Leaving the Left
John Stossel

Jepsen said Connecticut's share of restitution payments will likely be less than $50,000 given the limited local impact of the conduct. But he said the state will also share in fees for its role in the investigation.