Citigroup Sues Wachovia, Wells Fargo For $60B

[link to www.kcci.com]

NEW YORK -- Citigroup has filed a complaint in New York Supreme Court against Wachovia, both companies seeking more than $60 billion in damages for interfering with the bank's planned takeover of Wachovia's banking operations. 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.

The complaint seeks more than $20 billion in compensatory damages and more than $40 billion in punitive damages from Wells Fargo for tortious interference.


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