Nov 18 (Reuters) - Wells Fargo & Co:
* Announces agreement to buy back auction rate securities
* Says has agreed to pay $1.9 million in fines and expenses
* Says expects to purchase up to $1.4 billion of ARS
* Sees financial impact of approximately $150 million after tax in the fourth
quarter of 2009
* Says expects to recover this cost over time through redemptions of these
securities
* Purchase from investors who bought ARS through 1 of 3 of its broker-dealer
subsidiaries prior to February 13,'08
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Announces agreement to buy back auction rate securities
* Says has agreed to pay $1.9 million in fines and expenses
* Says expects to purchase up to $1.4 billion of ARS
* Sees financial impact of approximately $150 million after tax in the fourth
quarter of 2009
* Says expects to recover this cost over time through redemptions of these
securities
* Purchase from investors who bought ARS through 1 of 3 of its broker-dealer
subsidiaries prior to February 13,'08
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.