11/18/2009 - Wells Fargo (NYSE:WFC) agreed to repay approximately $1.3 billion to brokerage clients whose funds were frozen due to the collapse of the auction-rate securities market last year, according to a Bloomberg report, which cited the announcement from the North American Securities Administrators Association. The bank agreed to buy back all auction rate securities purchased through the brokerage unit before February 13, 2008 and will also pay a $1.9 million fine and reimburse investors who sold their holdings at a discount after the market failed. Spokeswoman for Wells Fargo Kathleen Golden has not returned a phone call about the matter.

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