WASHINGTON (Reuters) - The North American Securities Administrators Association says a brokerage unit of Wells Fargo & Co agreed to a $1.3 billion settlement involving auction rate securities (ARS).
The settlement requires Wells Fargo to offer to rebuy ARS from nationwide customers by mid-February 2010.
The settlement resulted from an investigation by Washington state regulators into allegations that Wells Fargo falsely assured clients that ARS were a safe and liquid alternative to cash or certificates of deposit.
Wells Fargo will also pay $1.9 million in penalties to the states under the settlement.
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