BUSINESS BRIEFING / BANKING
Times Wire Reports
An investment fund owned by Wells Fargo & Co. has agreed to pay $40 million to settle federal charges that it inflated the value of a mutual fund that invested mainly in securities tied to home mortgages and only selectively told shareholders about the fund’s problems.
The Securities and Exchange Commission announced the settlement with Boston-based Evergreen Investment Management Co.
Wells Fargo of San Francisco acquired Wachovia Corp., Evergreen’s parent company, in a $12.7-billion deal that closed Jan. 1.
