Key Developments: Wells Fargo & Co (WFC)
40.20USD
21 May 2013
$0.32 (+0.80%)
$39.88
$39.90
$40.29
$39.85
200
21,936,615
$40.29
$29.80
Latest Key Developments (Source: Significant Developments)
New York To Sue Wells Fargo & Co, Bank of America Corp Over Mortgage Practices-Reuters
Reuters reported that New York Attorney General Eric Schneiderman said, he plans to sue Bank of America Corp and Wells Fargo & Co for violating the terms of a settlement designed to end mortgage servicing abuses. The planned action is the first involving allegations that top banks, which agreed last year to provide $25 billion in relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct, are not living up to their obligations under the deal. A spokeswoman for Wells Fargo declined to comment. Bank of America said in a statement that it takes seriously the allegations of servicing problems and will work quickly to address them. Full Article
Wells Fargo & Co Plans 10-Year Euro Senior Unsecured Bond-DJ
Dow Jones reported that Wells Fargo & Co is planning a benchmark-size, euro-denominated, 10-year senior unsecured bond, one of the banks running the deal said on April 25, 2013. The bond is likely to price in the area of 80 basis points over midswaps. Barclays, Deutsche Bank, JPMorgan and Wells Fargo are lead managers of the sale. Full Article
Wells Fargo & Co Announces Increased Dividend
Wells Fargo & Co announced a quarterly common stock dividend of $.30 per share, an increase of 5 cents, or 20%, per share from the prior quarter. The dividend is payable June 1, 2013, to stockholders of record on May 10, 2013. Full Article
Short Seller Sues Bank of America Corp, JPMorgan Chase & Co, Wells Fargo & Co and Carl Icahn Over Alleged Fraud-Reuters
Reuters reported that A short seller in Herbalife Ltd's stock has sued officials at three U.S. banks as well as activist investor Carl Icahn, saying they are helping perpetuate a fraudulent pyramid scheme at the nutritional products company. Daniel Ravicher, a New York lawyer has filed papers in Manhattan federal court seeking to force officers and directors at Bank of America Corp, JPMorgan Chase & Co and Wells Fargo & Co to pull back $1.2 billion of financing for Herbalife. Full Article
Wells Fargo & Co Declares Dividend On Series A Preferred Securities
Wells Fargo & Co announced that Board Of Directors has declared a regular quarterly dividend on its Series A 7.25% preferred securities. The dividend is equal to $0.453125 per Series A security. The dividend is payable on April 1, 2013, to holders of record as of the close of business on March 15, 2013. Full Article
Wells Fargo & Co Declares Cash Dividends On Preferred Stock
Wells Fargo & Co announced that dividends on four series of preferred stock. A quarterly cash dividend of $20.00 per share was declared on its 8.00% non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share. This dividend equals $0.50 per depositary share, each representing a 1/40th interest in a share of Series J preferred stock, which is traded on the New York Stock Exchange under the symbol WFCPrJ.The Series J dividend is payable on March 15, 2013, to holders of record as of the close of business on February 28, 2013. A quarterly cash dividend of $18.75 per share was declared on its 7.50% non-cumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which is traded on the New York Stock Exchange under the symbol WFCPrL. The Series L dividend is payable on March 15, 2013, to holders of record as of the close of business on February 28, 2013. A quarterly cash dividend of $325.00 per share was declared on its 5.20% non-cumulative perpetual class A preferred stock, Series N, liquidation preference $25,000 per share. The Series N dividend is payable on March 15, 2013, to holders of record as of the close of business on February 28, 2013. A quarterly cash dividend of $409.29 per share was declared on its 5.125% non-cumulative perpetual class A preferred stock, Series O, liquidation preference $25,000 per share. Full Article
U.S. Judge Dismisses ATM Fee Collusion Lawsuits Accusing Visa Inc, MasterCard Inc, JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co-Reuters
Reuters reported that A federal judge has dismissed antitrust lawsuits accusing Visa Inc, MasterCard Inc, JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co, of conspiring to fix automated teller machine fees. U.S. District Judge Amy Berman Jackson in Washington, D.C., said that, while the three lawsuits bristle with indignation, the plaintiffs failed to show they were injured, or that there was a conspiracy to charge excessive or artificially high fees. The plaintiffs included several individual consumers, 13 owners and operators of independent non-bank ATMs that compete with bank ATMs, as well as the National ATM Council, a trade group for those owners and operators. Lawyers for the plaintiffs did not immediately respond to requests for comment. Full Article
Wells Fargo & Co Announces Increased Dividend
Wells Fargo & Co announced a quarterly common stock dividend of $.25 per share, an increase of $0.03, or 14%, per share from the prior quarter. The dividend is payable March 1, 2013, to stockholders of record on February 1, 2013, as approved by the Wells Fargo Board of Directors. Full Article
Avolon Forms Joint-Venture Aircraft Leasing Business With Wells Fargo & Co
Wells Fargo & Co announced that Avolon, the international aircraft leasing business, intention to partner with Wells Fargo to form a new joint-venture aircraft leasing business called Avolon Capital Partners Limited (ACP or the Business). The formation of ACP is subject to a number of regulatory approvals. Full Article
Goldman Sachs Group Inc, Morgan Stanley, To Also Settle On Foreclosures; Wells Fargo & Co And Others In Settlement Discussions With Federal Reserve-Reuters
Reuters reported that Goldman Sachs Group Inc and Morgan Stanley are among a group of banks expected to agree as soon as this week to a $1.5 billion settlement with federal regulators over botched foreclosure claims. The accord would come on the heels of a separate $8.5 billion settlement announced on Monday with 10 bigger mortgage servicers, including Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co. HSBC Holdings plc, Ally Financial Inc, EverBank Financial Corp and OneWest Bank FSB have also said they are in settlement discussions with the Federal Reserve and the Office of the Comptroller of the Currency. It is not clear how many of these banks are part of the $1.5 billion settlement that includes Goldman Sachs, Morgan Stanley and other relatively small mortgage servicers. Goldman and Morgan Stanley's respective roles in the settlement stems from mortgage-servicing businesses that the two investment banks purchased in the run-up to the subprime mortgage crisis, and have since sold. Goldman had owned Litton Loan Servicing LP and Morgan Stanley owned Saxon Capital Inc. Full Article
Berkshire reveals CB&I stake, adds to Wells Fargo
- Warren Buffett's Berkshire Hathaway Inc on Wednesday revealed a new investment in Chicago Bridge & Iron Co and said it has added to its largest equity holding, Wells Fargo & Co.
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