Friday, March 19, 2010

Wachovia Bank Deferred Prosecution Agreement

The Wachovia Bank deferred prosecution agreement can be found  here. One finds the usual high fine ( $50,000,000 in this case), that is seen in many deferred prosecution agreements. Wells Fargo is said to have "repaid any and all funds that it received through" TARP. But Wachovia also has a forfeiture amount to pay and the agreed amount is $110,000,000. One also finds usual provisions on cooperation, and that a breach of the agreement rests with the government.  The agreement states "[t]he parties further understand and agree that the United States' exercise of reasonable discretion under this paragraph is not subject to review in any court or tribunal."  But what is missing from this agreement that is seen in many agreements is the appointment of a compliance monitor. 

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