[November 18, 2009] Wells Fargo To Repay About $1.3 Billion To Brokerage Clients (WFC) Tweet Nov 18, 2009 (SmarTrend(R) News Watch via COMTEX) -- 11/18/2009 - Wells Fargo (NYSE:WFC) agreed to repay approximately $1.3 billion to brokerage clients whose funds were frozen due to the collapse of the auction-rate securities market last year, according to a Bloomberg report, which cited the announcement from the North American Securities Administrators Association. The bank agreed to buy back all auction rate securities purchased through the brokerage unit before February 13, 2008 and will also pay a $1.9 million fine and reimburse investors who sold their holdings at a discount after the market failed. Spokeswoman for Wells Fargo Kathleen Golden has not returned a phone call about the matter. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com. Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup.html [ Back To TMCnet.com's Homepage ]