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Updated Friday, November 20, 2009 11:17 am TWN, Los Angeles Times

Wells Fargo to buy back securities to settle lawsuit

NEW YORK -- Wells Fargo & Co. has agreed to buy back US$1.4 billion in securities it sold to thousands of customers, including charities and small businesses, as part of a settlement in a state fraud lawsuit over its role in an investment meltdown. California Attorney General Jerry Brown said Wednesday that the financial giant has agreed to repay investors who bought auction-rate securities based on what the state alleged was “misleading advice.”

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