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Wachovia Preferred Securities

In one of the most significant cases arising out of the financial crisis, we recovered $627 million for purchasers of certain Wachovia Corporation (Wachovia) preferred securities.

Our client, the Southeastern Pennsylvania Transportation Authority Pension Fund, alleged that registration statements, prospectuses and prospectus supplements used to market 30 separate offerings had contained materially false and misleading statements and omissions regarding Wachovia’s liquidity and portfolio value. The settlement included a $37 million recovery from the company’s outside auditor.