Wells Fargo (WFC +0.6%) agrees to buy back all auction-rate securities purchased through its...

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

Wells Fargo (WFC +0.6%) agrees to buy back all auction-rate securities purchased through its brokerage unit before Feb. 2008, about $1.3B worth. Funds invested in supposedly liquid ARS were frozen last year after the market collapsed. WFC will also pay a $1.9M fine and reimburse investors who sold their holdings at a discount.