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Violation Tracker Individual Record

Company: Wachovia Bank N.A.
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Recap of Ownership Changes:  subscribe to see this data field
Penalty: $58,750,000
Year: 2011
Date: December 8, 2011
Offense Group: competition-related offenses
Primary Offense: price-fixing or anti-competitive practices
Mega-Scandal: Price Fixing
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: (click here)
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.