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First Union Settles Fraud Case for Role in Cyprus Funds Account.

By Jenni Bergal, South Florida Sun-Sentinel Knight Ridder/Tribune Business News

Aug. 12--First Union National Bank agreed on Monday to settle a securities fraud class action lawsuit for $5 million, after only two days of testimony during a federal jury trial in Fort Lauderdale.

The bank, which handled accounts for Cyprus Funds, a company that ran a multi-million dollar securities investment scheme, had been accused in the civil lawsuit of aiding and abetting the fraud. The 531 investors, many of whom were Ohio retirees and wealthy Latin Americans, lost a

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