Wells Fargo & Co (NYSE:WFC) pays the claim to a family limited partnership company

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Dallas, Texas 07/10/2013 (Financialstrend) – An arbitration panel recently ordered the advisors of Wells Fargo & Co (NYSE:WFC) to pay the claim of $2.8 million to a family limited partnership company which accused that the firm had not paid the required attention to the thefts occurring in the investment accounts of the company. It was alleged that the former secretary of Wells Fargo & Co (NYSE:WFC) forged signatures to transfer money out of the accounts of the Miami-based partnership company.

In line with such allegations against the secretary of Wells Fargo & Co (NYSE:WFC), the partnership company earlier won a $21 million judgment in 2010 from the Florida court. Furthermore, College Health and Investment Ltd., a partnership firm, filed a separate claim against Wells Fargo & Co (NYSE:WFC) alleging that the latter failed to detect such thefts in its investment accounts.  Since College Health won the case, Well Fargo was ordered to pay $2.3 million by the arbitration panel of the Financial Industry Regulatory Authority.

After reaching the intraday high price of $43.08, the share price of Wells Fargo & Co (NYSE:WFC) closed at $42.70 with an intraday low price of $42.23. The share price of Wells Fargo & Co (NYSE:WFC) decreased by 0.30 percent, closing on Tuesday at $42.95. The 52-week high price of Wells Fargo & Co (NYSE:WFC) is $43.08 and the 52-week low price stood at $31.25. With 5.30 billion total outstanding shares, the market capitalization of Wells Fargo & Co (NYSE:WFC) is $226.16 billion. The intraday share trading volume for yesterday was 22.55 million, whereas the average trading volume of Wells Fargo & Co (NYSE:WFC) heads up to 20.71 million. Institutional ownership in Wells Fargo & Co (NYSE:WFC) records a contribution of 77 percent of the company’s total outstanding shares.

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