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Wells Fargo Agrees to Settle Wachovia Suit

Wells Fargo & Co. reached a $590 million agreement to settle claims with investors in Wachovia securities, another piece of fallout from the fallen bank's subprime-mortgage portfolio.

Wachovia's auditor at the time, KPMG LLP, will pay an additional $37 million to settle the suit, bringing the total settlement to $627 million. If approved by a judge, it would be the 14th biggest class-action securities settlement ever, and the largest in the credit crisis, according to Institutional Shareholder Services Inc. Enron Corp.'s $7.24 billion settlement was the largest ever.