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Panel orders Wells Fargo to buy back $94M in MARS assets

  • The Financial Industry Regulatory Authority arbitration panel has ordered Wells Fargo's (WFC) brokerage unit to repurchase $94M in auction-rate securities from investors at par value.
  • The investors accused Well Fargo Advisors of fraud, negligence and breach of fiduciary duty with regards to municipal auction-rate securities (MARS).
  • However, the panel denied a claim for $20M in damages for investments in MARS.
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