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Monday, August 18, 2008

Wachovia reaches settlement about bad securities it sold




August 18 2008 Best-Mortgage-Companies.com
Investors who bought auction rate securities through Wachovia Securities LLC and Wachovia Capital Markets LLC. will return the securities to Wachovia for roughly $9 billion under a preliminary settlement.
Government regulators have been investigating alleged misrepresentations made by Wachovia to thousands of its customers about the liquidity risk associated with auction-rate securities. The settlement will bring real relief to tens of thousands of unsuspecting investors who were not given the forthright information they needed in the process of purchasing auction-rate securities. These investors will now get their money back.
But there speculations that some investors may be left out of auction rate settlement.

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