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Rating:Citi Suit Aims to Extract $60 billion from Wells Fargo Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, October 06, 2008

Citi Suit Aims to Extract $60 billion from Wells Fargo

News summary by MFWire's editors

CitiGroup's lawsuit against Wells Fargo seeks $60 billion in damages related to the former's agreement to buy Wachovia. The Wall Street Journal reports that, in its suit, Citi is seeking more than $20 billion in compensatory damages and above $40 billion in punitive damages from Wells for interfering with an exclusivity agreement it had signed with Wachovia.

Citi bolstered its claims that it has a right to Wachovia by claims that had it not made the deal for Wachovia immediately, the bank would have failed the next day.

For good measure Citi also hit up the hot topic of golden parachutes for executives in the suit. It claims that the Wells deal triggered golden parachutes for Wachovia head Robert Steel and other senior executives worth $225 million.

If Citi were to win the suit, it may have implications for Evergreen investments as the Citi deal did not include Wachovia's asset management arm. 

Edited by: Erin Kello

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