Wachovia Agrees to Pay $25 Million to End Probe
- Share via
Wachovia Corp. will pay $25 million to end a 28-month probe involving accusations of potential conflicts of interest between its stock analysts and investment banking business.
The settlement with the bank’s Wachovia Capital Markets unit was announced Wednesday by the North American Securities Administrators Assn., a group of state regulators.
It is related to the settlement in 2003 and 2004 by 12 other banks with state and federal regulators, led by New York Atty. Gen. Eliot Spitzer, to end similar probes. The total payout in the global settlement now exceeds $1.5 billion.
Charlotte, N.C.-based Wachovia did not admit wrongdoing.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
