Wachovia Securities to Head to Court in Chicago Yield-Burning Case

Shields, Yvette
July 2006
Bond Buyer;7/17/2006, Vol. 357 Issue 32424, p3
Trade Publication
The article reports that the yield-burning lawsuit against the former Prudential Securities, which was later acquired by Wachovia Securities, is bound for the U.S. Circuit Court. Judge Philip Bronstein accused the firm of overcharging Chicago by $516,000 on the purchase of U.S. securities to fund the escrow that would repay outstanding bonds as part of a $233 million 1993 refunding.


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