homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


Subscriber content preview

November 9, 2011

Wells Fargo will pay $37M for bid rigging

  • The lawsuit alleges several banks rigged bids to win business from state and local governments.

    • DES MOINES, Iowa (AP) — Wells Fargo & Co. said Tuesday it has agreed to pay at least $37 million in a lawsuit which alleges several banks rigged bidding competitions to win business from state and local governments.

    Banks help municipalities invest the money they raise from bond offerings to earn interest before paying for projects. They compete by submitting to state and local governments the best yield they can offer.


     
    . . .


    To read this story in full login or purchase a subscription.



    
    Email or user name:
    Password:
     
    Forgot password? Click here.