U.S. says Wells Fargo to pay $400,000 to settle charges over swaps

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A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake (Copyright Reuters 2016)

Wells Fargo Bank has settled federal charges over inaccurate large trader reports for physical commodity swaps positions, the U.S. Commodity Futures Trading Commission said on Tuesday, ordering the firm to pay a $400,000 penalty.

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In a statement, the CFTC said Wells Fargo must also "cease and desist from committing further violations" of U.S. regulations as part of the order filed and settled on Tuesday.

(Reporting by Tim Ahmann and Susan Heavey; Editing by Doina Chiacu)