BUSINESS BRIEFING / SECURITIES
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Wachovia Corp., the bank purchased by Wells Fargo & Co., will pay more than $4.5 million to settle a brokerage regulator’s claims that it failed to ensure that clients received discounts on investment trusts and mutual funds.
From 2001 to 2006, the bank’s Wachovia Securities subsidiary let customers pay $2.7 million in “additional and excessive” charges, the Financial Industry Regulatory Authority said in a settlement.
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