Citigroup, Wells Fargo Agree To Cease-Fire

Law360, New York (October 7, 2008, 12:00 AM EDT) -- After days of tenacious legal jockeying over the rights to purchase Wachovia Corp., Citigroup Inc. and Wells Fargo Co. have temporarily agreed to suspend litigation activity against one another until noon on Wednesday at the urging of the U.S. Federal Reserve.

In a “standstill agreement” announced late Monday after Citigroup filed a $60 billion lawsuit against Wells Fargo and Wachovia, all three banking giants agreed to halt formal discovery activities and cooperate in good faith to secure scheduling orders for the appropriate filing of future litigation...
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