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Citi and Wells Fargo agree to hold off litigation.

Global Banking News-9 October 2008-Citi and Wells Fargo agree to hold off litigation(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 09 October 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

According to Reuters, Citigroup, Inc (NYSE: C) and Wells Fargo (NYSE: WFC) have agreed to hold off litigation with regard to their legal tussle over the acquisition of Wachovia Corp.

The two companies have decided to hold off litigations against each other for two more days. They are in negotiations with the Federal Reserve regarding the future of Wachovia Corp, which they both want to buy.

There are also rumours that both the banks may agree to divide Wachovia Corp between themselves.

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Publication:Global Banking News (GBN)
Date:Oct 9, 2008
Words:141
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