Counsel for Lead Plaintiffs Announce Settlement of Wachovia Preferred Securities and Bond/Notes Litigation for $627M

Counsel for Lead Plaintiffs, the Orange County Employees' Retirement System, the Louisiana Sheriffs' Pension and Relief Fund, and the Southeastern Pennsylvania Transportation Authority, the court-appointed representatives of a class of investors who purchased certain Wachovia Corporation WFC bonds and preferred securities pursuant or traceable to numerous public offerings between July 31, 2006 and May 29, 2008, today announced that, on behalf of the class, a global settlement of the matter has been reached with all defendants for a total recovery of $627 million. The recovery is comprised of a $590 million settlement with Wachovia and its affiliated entities and an additional $37 million settlement with Wachovia's auditor, KPMG LLP. The combined $627 million recovery is among the 15 largest securities class action recoveries in history. It also is believed to be the largest settlement ever in a class action case asserting only claims under the Securities Act of 1933. The case also represents one of the handful of largest securities class action recoveries ever obtained where there were no parallel civil or criminal securities fraud actions brought by government authorities.