- 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.
Panel orders Wells Fargo to buy back $94M in MARS assets
Dec 29 2013, 05:02 ET