Wachovia Agrees To Pay $148M To Settle Bid-Rigging Claims

WASHINGTON, D.C. - Wachovia Bank N.A. has agreed to pay $148 million to settle claims with a number of state and federal government agencies that alleged that Wachovia fraudulently engaged in "secret arrangements with bidding agents to improperly win business from municipalities and guarantee itself profits in the reinvestment of municipal bond proceeds," the Securities and Exchange Commission announced Dec. 8 in a press release (Securities and Exchange Commission v. Wachovia Bank, N.A., No. 11-7135, D. N.J.). View today's headlines and listen to the latest podcast at www.lexisnexis.com/legalnews Do you have news to share? Interested in writing a commentary article? Email the Mealey News Desk at Mealeys@LexisNexis.com Full story on lexis.com