Citi sues Wachovia, Fargo for $60 billion

Citigroup has filed a complaint in New York Supreme Court against Wachovia...

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.

Meanwhile, Federal Reserve officials have been pushing for Citigroup Inc and Wells Fargo & Co. to reach a compromise over Wachovia Corp., according to a media report. The effort could result in the two suitors carving up Wachovia’s network of 3,346 branches along geographic lines, The Wall Street Journal reported Monday, citing people familiar with the situation.

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