CEO Dick Kovacevich

Attorney General Edmund G. Brown Jr. today filed suit against three Wells Fargo affiliates to recover $1.5 billion for California investors who purchased auction-rate securities based on "false and deceptive" advice that these financial instruments were "as safe and liquid as cash." "Wells Fargo's affiliates promised investors auction-rate securities were as safe and liquid as cash, when in fact they were not, and now investors are unable to get their money when they need it," Attorney General Brown said. "This lawsuit seeks to recover $1.5 billion for Californians and holds these companies accountable for giving investors false and deceptive advice." Auction-rate securities are investments ... Read Full Story

Wells Fargo & Co. on Wednesday agreed to repay customers about $1.4 billion to settle a lawsuit and regulatory investigations alleging the company improperly marketed risky investments as safe. California Attorney General Jerry Brown sued the San Francisco-based bank last year and the North American Securities Administrators Association launched an inquiry of the bank's subsidiaries over sales of so-called auction-rate securities. The investments resemble corporate debt, except that the rate of interest they pay is frequently reset at auctions. A number of companies, charities and individual investors were told the securities were as safe as cash. But the $330 billion market collapsed in February ... Read Full Story

NEW YORK (Reuters) - Wells Fargo Investments LLC has agreed to repay about $1.3 billion to clients whose funds were frozen in the auction-rate securities market in a settlement with state securities regulators, an industry association said on Wednesday. The company, a unit of San Francisco-based Wells Fargo & Co <WFC.N>, has agreed to offer to buy back ARS by mid-February 2010, the North American Securities Administrators Association said in a statement. Wells Fargo will also reimburse clients who sold securities at a discount after the market froze and pay $1.9 million in penalties to states, said the statement. The settlement stems from a ... Read Full Story

Austin Police say a bank robber known as the "Reckless Robber" has just targeted the Wells Fargo Bank located in the 1600 block of West 35th Street. The "Reckless Robber" has committed several bank robberies in the Houston area. Read Full Story

Wells Fargo agreed to pay $1.4 billion to investors to settle a lawsuit by California Attorney General Jerry Brown that claims that the bank lied about the strength of its auction-rate securities. Wells Fargo A Settlement By agreeing to pay the settlement, Wells Fargo is not admitting to any wrongdoing, but instead simply reimbursing the investors who were unable to cash in their securities after the auctions markets froze back in February 2008. The bank will also pay the attorney generals office for its fees, but will not pay any civil fees or fines. For many investors, this money will be the first return ... Read Full Story