Wells Fargo Reaches Settlement with Regulators; Total Settlement Amount $148M

Wells Fargo & Company

today announced that its subsidiary, Wells Fargo Bank, N.A., reached settlements with the Office of the Comptroller of the Currency, Securities and Exchange Commission , the U.S. Internal Revenue Service, U.S. Department of Justice and a group of state Attorneys General to resolve their previously disclosed investigations into the conduct of certain former employees in Wachovia Bank's former municipal reinvestment and derivatives group prior to its merger with Wells Fargo. Wells Fargo is pleased to have fully resolved this investigation of Wachovia Bank. The underlying transactions were entered into in a business that existed at Wachovia Bank, which Wells Fargo acquired in 2008, and involved employees who are no longer with the firm. The total amount of the settlement is $148,243,013 Under the terms of the settlements, Wells Fargo will pay the settlement amount as follows: $8.9 million to the IRS; $46.075 million to the SEC, $34.518 million to the OCC; and an additional $58.75 million to the state Attorneys General. As previously disclosed, Wells Fargo has also resolved, subject to Court approval, related civil litigation pending in the U.S. District Court for the Southern District of New York for $37 million. The payments will not have an adverse effect on Wells Fargo's financial results and the settlement will not adversely affect the conduct of any current business of Wells Fargo.