Wells Fargo & Co (NYSE:WFC) pays the claim to a family limited partnership company


Dallas, Texas 07/10/2013 (Financialstrend) – An arbitration panel recently ordered the advisors of Wells Fargo & Co (NYSE:WFC) to pay the claim of $2.8 million to a family limited partnership company which accused that the firm had not paid the required attention to the thefts occurring in the investment accounts of the company. It was alleged that the former secretary of Wells Fargo & Co (NYSE:WFC) forged signatures to transfer money out of the accounts of the Miami-based partnership company.

In line with such allegations against the secretary of Wells Fargo & Co (NYSE:WFC), the partnership company earlier won a $21 million judgment in 2010 from the Florida court. Furthermore, College Health and Investment Ltd., a partnership firm, filed a separate claim against Wells Fargo & Co (NYSE:WFC) alleging that the latter failed to detect such thefts in its investment accounts.  Since College Health won the case, Well Fargo was ordered to pay $2.3 million by the arbitration panel of the Financial Industry Regulatory Authority.

After reaching the intraday high price of $43.08, the share price of Wells Fargo & Co (NYSE:WFC) closed at $42.70 with an intraday low price of $42.23. The share price of Wells Fargo & Co (NYSE:WFC) decreased by 0.30 percent, closing on Tuesday at $42.95. The 52-week high price of Wells Fargo & Co (NYSE:WFC) is $43.08 and the 52-week low price stood at $31.25. With 5.30 billion total outstanding shares, the market capitalization of Wells Fargo & Co (NYSE:WFC) is $226.16 billion. The intraday share trading volume for yesterday was 22.55 million, whereas the average trading volume of Wells Fargo & Co (NYSE:WFC) heads up to 20.71 million. Institutional ownership in Wells Fargo & Co (NYSE:WFC) records a contribution of 77 percent of the company’s total outstanding shares.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.