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Citigroup Sues Wells, Wachovia for $60B

Deal would award $225M in severance, Citi charges—a bailout no-no

By Ambreen Ali, Newser User

Posted Oct 6, 2008 1:02 PM CDT

(Newser) – Citigroup has sued Wells Fargo and Wachovia for $60 billion in damages, alleging the latter breached an exclusivity agreement in agreeing to its sale to Wells. Wells is also charged with violating Citi's right to purchase some of Wachovia's assets under a previous deal, reports... Read full story »

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Citi May Seek to Recover Wachovia Deal

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(NEWSER) - Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that Wachovia’s deal with Wells Fargo violated an “exclusivity agreement,” the Wall Street Journal reports. “This is complete misconduct,” says a Citi exec. More»

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(NEWSER) - Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle. The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and Wells may reach a deal to carve up the struggling bank. More»

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(NEWSER) - Federal Reserve officials are pushing Citigroup and Wells Fargo to agree to a compromise giving each a piece of struggling Wachovia, with the Charlotte-based bank's 3,346 branches divided along geographic lines and Wells Fargo acquiring its investment units, reports the Wall Street Journal. The new deal, still being negotiated late last night, would not involve monetary support from the federal government. More»

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Citigroup Sues Wells, Wachovia for $60B

Deal would award $225M in severance, Citi charges—a bailout no-no

Citigroup • Wachovia • Wells Fargo • lawsuit • financial crisis

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More Newser Stories

Citi May Seek to Recover Wachovia Deal

Bank could make a better offer; may sue Wells Fargo

Feds Give Green Light to Wells Fargo-Wachovia

Citigroup plans to sue over breach of contract, but will not interfere

Wells, Citigroup Call Truce in Wachovia Battle

Fed brokers cool-off, banks may be working out carve-up deal

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

Feds Work to Cement Wachovia Deal

Citi and Wells Fargo would each get a piece of the struggling bank

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