City Pages - The Blotter (Free subscription) | 5 hours ago
The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup
Commercial Insurance Knowledge (Free subscription) | 10 hours ago
The battle over troubled lender Wachovia Corp. has heated up after bank Wells Fargo & Co. Bookmark To:
Washington Post (Free subscription) | 3 hours ago
Citigroup filed a $60 billion lawsuit against Wells Fargo and Wachovia this morning even as federal regulators continued to urge the companies to resolve their differences through negotiation.
DealBreaker (Free subscription) | 3 hours ago
Citi has officially filed a complaint against Wachovia, Wells Fargo, and the heads of both companies. Count Vikula is seeking more than $20 billion in compensatory damages and more than $40 billion in punitive damages from WFC for "tortious interference" with Citi's contract with Wachovia, as well as "relief" from the Charlotte-based bank for breaking their "agreement." Official word...
Market Watch (Free subscription) | 3 hours ago
SAN FRANCISCO (MarketWatch) -- Citigroup said Monday it filed a complaint against Wachovia Corp. , Wells Fargo & Co. and the directors of the two companies over its failed bid for Wachovia. Citi is seeking more than $20 billion in compensatory damages and more than $40 billion in punitive damages from Wells Fargo for interference with Citi's contract with Wachovia. Citi is also...
Business Law Prof Blog (Free subscription) | 6 hours ago
Our government -- the courts, Congress, and the Fed -- has totally lost it. Exhibit A is the Wachovia Deal. Here is the background. Citigroup offered $2.2 B to buy parts of Wachovia with a stop loss guarantee from the...
Market Movers (Free subscription) | 6 hours ago
The fight over Wachovia is getting messy . Court judgments are getting overruled; obscure provisions in the bailout legislation are taking on a crucial importance; the Fed is acting like King Solomon, splitting the baby between the West Coast and the East Coast. And then there's this, from Wachovia's CEO: Illustrating the competing interests at play, a sworn affidavit filed this weekend...
The Star-Ledger (Free subscription) | 9 hours ago
The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a New York state appeals court blocked a lower court ruling that had favored rival bidder Citigroup. At stake is the $339 billion in Wachovia deposits...
Business Wire (Free subscription) | 2 hours ago
NEW YORK--(BUSINESS WIRE)--Citi today issued the following update on its transaction with Wachovia:
Daily Intelligencer - New York Magazine (Free subscription) | 4 hours ago
Photo: Newscom, Wikipedia, Getty Images The Wachovia–Citigroup–Wells Fargo affair has been getting increasingly dramatic and, dare we say, compelling . If you haven't been paying attention, the story up until now is this: Wachovia was struggling. It was in a tough spot financially, the market was bad, and it was looking increasingly unattractive to suitors. In real life, Wachovia...
U.S. PIRG Consumer Blog (Free subscription) | 9 hours ago
Last week Citibank made a federally-assisted $2 billion offer for Wachovia's banking assets only, then on Friday Wells Fargo countered with $15 billion of its own money for all of Wachovia. The battle is playing out in state and now federal court filings ( Associated Press and Washington Post ). Seems as if mighty Citibank made kind of a low-ball offer and the government jumped too soon...now...
Seattle Times (Free subscription) | 1 hour ago
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 Minneapolis/St. Paul Business Journal (Free subscription) | 2 hours ago
Citigroup on Monday sued Wachovia and Wells Fargo seeking $60 billion over a merger agreement between Wells and Wachovia that Citi believes was reached improperly. (C) (WFC)
Seeking Alpha (Free subscription) | 5 hours ago
Felix Salmon submits: The fight over Wachovia (WB) is getting messy . Court judgments are getting overruled; obscure provisions in the bailout legislation are taking on a crucial importance; the Fed is acting like King Solomon, splitting the baby between the West Coast and the East Coast. And then there's this, from Wachovia's CEO: Illustrating the competing interests at play, a sworn...
The Kansas City Business Journal (Free subscription) | 56 minutes ago
Federal regulators told Wachovia Corp. the bank would be seized unless it reached a merger agreement with Citigroup Inc. or Wells Fargo & Co. by end of the day Friday, according to a lawsuit Wachovia filed during the weekend in federal court. (WFC) (WB) (C)
