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Wachovia to pay $37 million to settle claims concerning stock-buy disclosure.
Knight Ridder/Tribune Business News, November, 2004
By Rick Rothacker, The Charlotte Observer, N.C. Knight Ridder/Tribune Business News
Nov. 5--Wachovia Corp. is paying $37 million to settle allegations that it did not properly disclose stock purchases made in connection with the 2001 Wachovia-First Union Corp. merger.
In a complaint filed Thursday, the Securities and Exchange Commission said the former Winston-Salem-based Wachovia should have disclosed more information about its purchase of $555 million in First Union stock from May 2, 2001, to June 28, 2001.
The purchases came as SunTrust Banks Inc. of Atlanta was making a competing -- but ultimately unsuccessful -- offer to buy Wachovia. The stock purchases likely propped up First Union's share price, which made its bid more...
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