Wachovia Adds $500 Million To Legal Reserves

Wachovia Corp. has recorded an additional $500 million in legal reserves related to settlement discussions over the sale of auction rate securities, Business Journal reports. According to a company filing with the Securities and Exchange Commission, that increase has boosted

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Wachovia Corp. has recorded an additional $500 million in legal reserves related to settlement discussions over the sale of auction-rate securities, Business Journal reports.

According to a company filing with the Securities and Exchange Commission, that increase has boosted the Charlotte-based companys second-quarter loss to shareholders to nearly $9.1 billion, or $4.31 per share. On 22 July, Wachovia had reported a loss of nearly $8.9 billion, or $4.20 per share, for the period.

The full story is available at the Business Journal web-site.

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