Wells Fargo has agreed to settle class-action lawsuits filed by various municipalities related to allegations of bid-rigging by Wachovia's municipal derivatives group. Wells Fargo, which acquired Wachovia in 2008, agreed to pay the greater of $37mn or 65% of any restitution amount reached in any future settlement with state attorneys general investigating Wachovia's practices. It's not the first settlement by big banks regarding municipal bid-rigging. Bank of America Corp and JPMorgan Chase & Co in the past year have reached settlements with the Justice Department and state attorneys general over allegations that their employees manipulated the bidding process for contracts used to invest the proceeds from bond offerings. The investigation became public in 2007 when Bank of America reached a leniency agreement with the Justice Department.  [Reuters, 11/8/11]