Citigroup Sues Wachovia, Wells Fargo For $60B

Law360, New York (October 6, 2008, 12:00 AM EDT) -- Following a weekend of legal wrangling over an exclusivity agreement about the rights to purchase Wachovia Corp., Citigroup Inc. has slammed Wachovia and Wells Fargo & Co. with a $60 billion lawsuit alleging that Wells Fargo interfered in its bid to buy Wachovia and that Wachovia reneged on its agreement with Citigroup not to negotiate with other parties.

Filed Monday in the Supreme Court for the State of New York, the suit seeks more than $20 billion in compensatory and over $40 billion in punitive damages...
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