Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, May 13, 2008

SEC Investigates Wachovia's ARS Practices

Wachovia disclosed that the SEC and other regulators are seeking information about the underwriting, sale, and auctions of municipal auction-rate securities and auction-rate preferred securities.  In addition, a lawsuit was filed in March in New York by customers who purchased ARS alleging misrepresentations about the quality and risk of the securities.  Wachovia's CEO said the company hired a consultant to review its financial controls and risk management practices.  NYTimes, Wachovia Faces S.E.C. Inquiry Over Auction-Rate Securities.

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