Sarasota News Leader

12/07/2012

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RECOVERED MILLIONS Wells Fargo bought Wachovia Bank after the Great Recession began in 2008. File photo SARASOTA COUNTY SETTLES WITH WELLS FARGO FOR ALMOST $24 MILLION — ABOUT 70 PERCENT OF THE INVESTMENT FUNDS THE COUNTY LOST DURING THE 'WORLD FINANCIAL CRISIS' By Rachel Brown Hackney Editor Sarasota County has recovered $23,750,000, or about 70 percent of the $34 million it lost in investments during what Karen Rushing, clerk of the 12th Judicial Circuit Court, referred to as the "world financial crisis" of 2008-09. er acquired — for the loss of those millions through "an asset-backed security issue" involving Lehman Brothers Holdings and the county's securities lending contract. Lehman Brothers declared bankruptcy on Sept. 15, 2008. The county had bought inIn my opinion, there aren't many vestment-grade debt other jurisdictions that are so fortunate securities from the as to recover monies that were lost in the firm. In her routine report to the County Commission on Dec. 4, Rushing said Wells Fargo had agreed to settle a lawsuit the county financial meltdown of 2008. had filed in June 2010 Stephen DeMarsh County Attorney against Wachovia — Sarasota County which Wells Fargo lat- Rushing worked with the County Attorney's Office on the lawsuit, she pointed out.

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