Wachovia, Wells Fargo, Citigroup Extend No-Lawsuit Period
Wachovia, Wells Fargo and Citigroup, which had agreed to suspend pending litigation among each other through noon today, said moments ago they would now refrain from suing each other until 8 a.m. Friday, The Post's Binyamin Appelbaum reports.
The story: Citigroup thought it had a deal wrapped up to buy Wachovia until Wachovia turned around and signed a merger agreement with Wells Fargo. Lawsuits ensued, naturally.
Given the current financial crisis, the parties agreed to back off the lawsuits until some stability could return to the markets. Clearly, that has not been the case yet, so they've agreed to keep the gloves hung up on the wall until at least Friday morning.
-- Frank Ahrens
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