District Judge Richard Sullivan wrote in a ruling made public on Friday. N after suffering a deposit run as credit markets seized up and investors worried about mortgage losses tied to its purchase of California lender Golden West Financial Corp. N , and assumed Wachovia's liabilities. Securities and Exchange Commission civil charges that Wachovia charged excessive markups and used stale prices in selling mortgage-related debt. It did not admit wrongdoing.
Wells Fargo spokeswoman Mary Eshet said the San Francisco-based bank is pleased there was no finding of fraud by Wachovia or its management. She said it will defend against allegations of misstatements in offering documents.
Ira Press and Geoffrey Jarvis, who respectively represent plaintiffs in two of the dismissed cases, were not immediately available for comment. Daniel Cohen, whose firm represented plaintiffs in the third dismissed case, declined to comment. A lawyer for KPMG did not immediately return a call for comment. The cases, all in the U. See all CNNMoney. Rising loan losses and consumer credit issues helped drag down Wachovia's results in the latest quarter.
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