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Wednesday Express: Wells settles 38 Studios case; First Bank buying Grand Bank

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Wednesday Express: Wells settles 38 Studios case; First Bank buying Grand Bank

* Wells Fargo Securities will pay $800,000 as settlement for its alleged role in Rhode Island's failed $75 million deal with video game company 38 Studios, the Associated Press reports.

* Fidelity Investments faces a lawsuit for allegedly levying an undisclosed infrastructure fee on some mutual funds for using its platform to access retirement plan customers, InvestmentNews reports.

* In New Jersey, First Bank is acquiring Grand Bank in a stock transaction valued at about $19.4 million.

* Canada Pension Plan Investment Board is looking to set up its first office in Beijing as soon as 2020 to expand its footprint in China, Bloomberg News reports, citing Suyi Kim, the pension fund investor's head of Asia Pacific.

* The Securities and Exchange Commission will look into competitive pressures that make it harder for small and midsized asset managers amid fears that industry consolidation will damage investor choice, the Financial Times reports.

* Ameriprise Financial unit RiverSource Life Insurance entered into a reinsurance deal, under which Commonwealth Annuity and Life Insurance will cover about $1.7 billion of fixed annuity policies sold through third parties.

* Total estimated insured losses from Hurricane Michael, which struck the Florida panhandle in mid-October 2018, have reached about $6.10 billion, according to the Florida Office of Insurance Regulation.

* The House Financial Services Committee has scheduled a markup on March 26 to vote on the Secure and Fair Enforcement Banking Act, a bill that will provide legal marijuana businesses access to banks and financial institutions.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.