Wednesday P.M. Report

Wells Fargo fined $200 million for overdraft practice: A federal judge has ordered Wells Fargo & Co. to pay more than $200 million to compensate customers who faced higher fees because of the bank’s practice of posting transactions so that checks for the highest amounts clear first, often triggering more bounced checks. Wells Fargo, which has its regional headquarters in Minneapolis, said it puts through customers’ checks for larger amounts first because it’s often their most important payments, covering a mortgage or auto loan. But Judge William Alsup, in the Tuesday class-action ruling in federal court in San Francisco, said the bank’s processing method was designed to generate more fees. Read full story

Realtors report home sales down and prices up: Twin Cities homes were selling for more last month, but there was also a large drop in sales, according to data released today by the Minneapolis Area Association of Realtors. The median sales price for a home in the 13-county metro area was $175,000 in July, an increase of 2.3 percent over July 2009. Pending sales, however, were 3,226, down 37.6 percent from a year ago. Read full story

Piper Jaffray CleanTech fund spending $100 million through New Energy Capital Partners: Piper Jaffray Cos.’s CleanTech Alliance Fund has formed a partnership with New Energy Capital Partners to invest an initial $100 million in about 10 renewable-energy infrastructure projects across the country. Read full story

Marvin to serve as Minneapolis Fed chair through 2011: The Federal Reserve Board of Governors has selected John Marvin, chairman and CEO of The Marvin Cos., to serve a second yearlong term as chairman of the Federal Reserve Bank of Minneapolis. Marvin, who has been on the Minneapolis Fed board since 2006 and its chair since January, will serve an additional year as board chair. Read full story

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