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Published on Sunday, October 05, 2008
By LA Daily News Staff Writer
NEW YORK - Wachovia Corp., at the center of a fight between Wells Fargo and Co. and Citigroup Inc. over who will buy the beleaguered bank, is moving ahead with its deal to sell itself to Wells Fargo - while questions arise about the damaging effects that prolonged litigation might have on Wachovia.
Wachovia responded Sunday to a New York judge's order temporarily blocking the sale of the bank to Wells Fargo with a lawsuit of its own, asking a federal judge in Manhattan to allow the deal to go through.
Late Saturday, New York State Supreme Court Justice Charles Ramos issued the order blocking the sale of Wachovia, which Wells Fargo had agreed to purchase in its entirety in a $14.8 billion deal. Citigroup accused Wells Fargo of trying to cut off its earlier takeover of Wachovia's banking operations for $2.1 billion, a deal struck with the assistance of the Federal Deposit Insurance Corp
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