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wachovia corp. has reached a preliminary settlement with the securities and exchange commission and state regulators over its sale of auction-rate securities to investors.
wachovia securities, the bank's retail brokerage unit, has agreed to buy back about $9 billion of auction-rate securities it sold to its clients, $5.7 billion of which are held by individual investors, charities and small business. in addition, wachovia would pay a $50 million fine to be split among several states.
the company, which became a major banking player in greater sacramento when it bought the parent company of oakland-based world savings bank, neither admits nor denies wrongdoing in the matter.
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"today's settlement is a major step towards making these investors whole," carnahan said. ."
the settlement allows all individual investors, charities and small business that purchased auction-rate securities with the wachovia unit to redeem their securities by nov. 28. other businesses with larger holdings can redeem their securities by june 30..
wachovia still faces the prospect of a financial penalty to the sec after it has completed its obligations under the settlement agreement...c. expects to record a further $275 million pre-tax increase to legal reserves in the third quarter. after the repurchase of the securities, wachovia estimates it will hold $3.1 billion in auction-rate securities by next.
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