"Citigroup sues Wachovia, Wells Fargo for $60B BY SARA LEPRO, AP Business Writer 11 minutes ago NEW YORK - Citigroup Inc. said Monday it has filed a complaint in New York Supreme Court against Wachovia, Wells Fargo and the directors of both companies seeking more than $60 billion in damages for interfering with the bank's planned takeover of Wachovia's banking operations.
The complaint, brought on Saturday and filed Monday, seeks more than $20 billion in compensatory damages and more than $40 billion in punitive damages from San Francisco-based Wells Fargo & Co. for tortious interference. Citigroup also seeks relief from Wachovia for what it called its bad-faith breach of the banks' contract. "Wachovia continues to believe its agreement with Wells Fargo, which involves no government assistance, is proper and valid," said Wachovia spokeswoman Christy Phillips-Brown in an e-mail to The Associated Press. "The agreement is in the best interests of shareholders, employees, creditors and retirees as well as the American taxpayers, and it imposes no risk to the FDIC fund." A representative from Wells Fargo was not immediately available for comment. Meanwhile, Federal Reserve officials have been in talks with Wells Fargo and Citigroup in the hope of getting the parties to come to some sort of agreement, according to a person with knowledge of the talks. The person spoke on condition of anonymity because of the sensitive nature of the matter." http://news.yahoo.com/s/ap/20081006/ap_on_bi_ge/citigroup_wachovia_lawsuit ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:272788 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
