Violation Tracker Individual Record

Company: 
Wachovia Bank N.A.
Current Parent Company: 
Wells Fargo
Penalty: 
$148,000,000
Year: 
2011
Date: 
December 8, 2011
Primary Offense: 
price-fixing or anti-competitive practices
Violation Description: 

Wachovia Bank N.A., which is now known as Wells Fargo Bank N.A., entered into an agreement with the Department of Justice to resolve the company's role in anticompetitive activity in the municipal bond investments market and has agreed to pay a total of $148 million in restitution, penalties and disgorgement to federal and state agencies.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Justice Department Antitrust Division
Civil or Criminal Case: 
civil and criminal
Prosecution Agreement: 
non-prosecution agreement
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.