The brokerage arm of Wachovia Corp. has reached a settlement with a Hilton Head Island, S.C., church that claimed 10,000 shares of stock it owned were sold against its wishes.
David N. Jonson, the deputy attorney general who heads South Carolina's securities division, said the state is wrapping up its investigation and believes no further action is likely. "However, if more complaints come in on related issues, we will reopen an investigation," he said.
A spokesman for the $67 billion-asset bank in Winston-Salem, N.C., said Wachovia is "pleased that the situation has been resolved." Terms were not disclosed.
Glen La Force, the lawyer for the church, said his client, whom he declined to identify, was satisfied.