Tuesday, August 14, 2012

Turkle Trust v. Wells Fargo


This is my second post for today. I viewed this one to be sufficiently important that I would devote an entire post to it. 

I found a copy of Judge Wilson's decision in Turkle Trust v. Wells Fargo: Turkle Trust v. Wells Fargo & Company Document 38  The TP at issue was originally issued by Wachovia Capital Trust X on 11/21/2007. The coupon was 7.85%. According to the Court, the securities could have been called without a make whole on or after 12/15/2012. The judge's decision held that WFC could make a reasonable determination upon the passage of the Dodd Frank law, and there was no time limit





I did not have any trouble locating the prospectus:   Wachovia Capital Trust X Prospectus Supplement

There is no limit on redemption after a capital treatment event: 




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