Wells Fargo agrees to buy back auction rate securities

Wells Fargo will buy back an estimated $1.3 billion in auction rate securities that have been frozen since February 2008, the state Department of Financial Institutions announced yesterday. More than 400 Washington investors will benefit from the settlement. See DFI’s news release for more information.

Earlier this year, DFI reached a settlement with Wachovia for auction rate securities misrepresentations.