Wachovia Takeover in Court

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

The complaint seeks more than $20 billion in compensatory damages and more than $40 billion in punitive damages from Wells Fargo for tortious interference. Citigroup also seeks relief from Wachovia for its bad faith breach of the banks' contract.

Citigroup and Wachovia are battling a separate case in federal
court.

Meanwhile, Federal Reserve officials have been in talks with
Wells 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.


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