Violation Tracker Individual Record
Company:
Wachovia Bank N.A.
Current Parent Company:
Wells Fargo
Penalty:
$58,750,000
Year:
2011
Date:
December 8, 2011
Offense Group:
competition-related offenses
Primary Offense:
price-fixing or anti-competitive practices
Violation Description:
Wachovia Bank N.A. and Wells Fargo Bank, N.A. paid $58.75 million to multistate settle allegations of anticompetitive and fraudulent conduct in the municipal bond derivatives industry, including bid-rigging and submission of fraudulent certifications of compliance with U.S. Treasury regulations. This was part of a larger $148 million settlement that also involved federal agencies: https://violationtracker.goodjobsfirst.org/violation-tracker/-wachovia-b...
Level of Government:
state
Action Type:
agency action
Agency:
Multistate Attorneys General Case
Civil or Criminal Case:
civil
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.
