Wells Fargo agreed last week to settle with disgruntled Wachovia shareholders regarding Wachovia’s option ARM portfolio. Wachovia and its affiliated entities agreed to pay $590 million and KPMG, Wachovia’s auditor, agreed to pay an additional $37 million. The settlement is subject to approval by the U.S. District Court for the Southern District of New York. The claims asserted by government-run pension and retirement funds were largely based on allegations that Wachovia misrepresented and/or omitted material facts regarding the quality of the ...