Wells Fargo Loses Bid To Nix Elavon's Contract Suit

Law360, New York (May 23, 2011, 8:09 PM EDT) -- A Georgia federal judge refused Monday to dismiss Elavon Inc.’s suit accusing Wells Fargo & Co. and Wachovia Corp. of wrongfully terminating Wachovia’s exclusive referral agreement with the credit card payment processor during the banks’ 2008 merger.

Wachovia and Wells Fargo contended in their summary judgment motion that the referral obligations in the agreement could not bind Wells Fargo because that bank did not sign onto the deal. However, U.S. District Judge Orinda Evans rejected that argument.

“It is true that an agreement between Wachovia and...
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