The Treasury Department on Tuesday agreed not to punish First Union Corp. for violating bidding rules on government securities.

In a letter to the government, First Union said its Wheat First Securities Inc. unit violated a rule that bars buyers of Treasury securities from accepting orders to sell those instruments until after the government securities auction has ended.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.