Daily News: February 21, 2012

Bloomberg: Normandy Settles Wachovia Suit Over Le-Nature’s


Bloomberg reported that Wells Fargo’s Wachovia Capital Markets settled investor claims that it failed to disclose signs of fraud at Le-Nature’s as it arranged a $285 million loan before the drink maker’s bankruptcy.

Normandy Hill Master Fund LP sued Wachovia Capital Markets in New York state Supreme Court in June 2010, saying it relied on false financial statements when it arranged the loan two months before Le Nature’s went bankrupt in 2006, the article said.

Terms of the settlement weren’t disclosed in a court filing, Bloomberg noted.

To read the full Bloomberg article, click here.

Previously on abfjournal.com:

Wells Fargo, BDO Seidman Settle Lawsuits for $130 Million, Wednesday, October 12, 2011