Wachovia To Settle Suit Over $12B Wells Fargo Deal

Law360, New York (December 18, 2008, 12:00 AM EST) -- Wachovia Corp. has settled a shareholder lawsuit attempting to halt Wells Fargo & Co.’s $11.7 billion deal to purchase Wachovia by agreeing not to appeal a federal court's decision on certain provisions of the merger.

In a memorandum of understanding signed Dec. 17, Wachovia and Wells Fargo agreed not to appeal the portion of a Dec. 5 order by the North Carolina Business Court that enjoined Wachovia from redeeming preferred shares it issues to Wells Fargo for at least 18 months following the shareholder vote on...
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