Citi, Wells Fargo OK Another Wachovia Cease-Fire

Law360, New York (October 8, 2008, 12:00 AM EDT) -- A temporary cease-fire in the battle over the rights to purchase Wachovia Corp. was extended for a second time Wednesday after Citigroup Inc., Wells Fargo & Co. and Wachovia agreed to postpone litigation activity against one another until Friday morning at the urging of the U.S. Federal Reserve.

The extended agreement was first announced Monday after Citigroup filed a $60 billion lawsuit against Wells Fargo and Wachovia, blindsided by Friday's announcement that Wells Fargo would buy Wachovia in its entirety for $15.1 billion despite an exclusivity...
To view the full article, register now.