Citi, Wells and Wachovia agree to legal 'standstill'
October 7, 2008
ly end in some kind of settlement, perhaps dividing Wachovia's retail operations between New York City-based Citigroup and San Francisco-based Wells Fargo, said Ann Graham, a banking law professor at Texas Tech University.Citigroup made mistakes Some investors cheered Citigroup's decision last week to buy Wachovia's banking assets even though the company is wrestling with a massive restructurin
Written by: Jessica Behnham
NEW YORK (CNNMoney.com) -- Citigroup, Wells Fargo and Wachovia agreed Monday to halt all litigation for two days in the bitter war over the ailing Wachovia.
The move comes hours after Citigroup, whose planned purchase of Wachovia was scuttled by Wells Fargo, announced it filed a complaint seeking more than $60 billion from the two banks.