Business Services Industry
SEC says Wachovia agrees to pay $37 million.
Knight Ridder/Tribune Business News, November, 2004
By Richard Newman, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Nov. 5--Wachovia Corp. has agreed to pay $37 million to settle an investigation into whether it manipulated stock prices to smooth the way for the First Union-Wachovia merger in 2001, the Securities and Exchange Commission said Thursday.
The Charlotte-based financial services company -- which has about 330 bank branches in New Jersey -- neither admitted nor denied wrongdoing.
Wachovia Corp. is the product of First Union's acquisition in 2001 of rival Wachovia. The SEC said the old Wachovia failed to adequately disclose in a proxy statement and other regulatory filings that it bought 16.5 million shares of First Union stock in May and June 2001.
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