Brief: Wells Fargo settles in ARS case
November 24, 2009
According to the Utah Department of Commerce, 364 Utah investors will receive back $122,950,000 from Wells Fargo. These are their original deposits in an auction rate securities transaction over which a settlement was reached and the bank agreed to return $1.3 billion in deposits nationally. The Utah Division of Securities investigated this case over the past year and will collect $100,000 in state fines from Wells Fargo and also an additional $75,000 to cover investigative costs.