Citigroup Deal With Wachovia Unenforceable: Judge

Law360, New York (July 14, 2009, 12:00 AM EDT) -- Citigroup Inc. has lost the latest round in a legal tussle over its failed bid to acquire Wachovia Corp. last year, with a judge denying its attempt to derail a suit seeking declaratory judgment that Wachovia's eventual merger with Wells Fargo & Co. was valid.

Judge Shira Scheindlin of the U.S. District Court for the Southern District of New York on Monday denied Citigroup's motion for partial judgment on the pleadings, saying a provision of the Emergency Economic Stabilization Act of 2008 applied to render Citigroup's...
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