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WASHINGTON — Wells Fargo Bank will pay $148.2 million to settle federal and state charges that it rigged dozens of bidding competitions to win business from cities and counties.
The Department of Justice, along with the federal and state regulators, had been investigating the actions of employees at Wachovia Bank, which Wells Fargo acquired in 2008.
The Securities and Exchange Commission said Wachovia generated millions of dollars in illicit gains during an eight-year period when it fraudulently rigged at least 58 municipal bond transactions in 25 states and Puerto Rico.
