Citigroup no longer is seeking to block the acquisition of Wachovia by Wells Fargo for $15 billion but insisted in a statement Thursday that "it has strong legal claims against Wachovia, Wells Fargo and their officers, directors, advisers and others for breach of contract and for tortious interference with contract" and that it "plans to pursue these damage claims vigorously." The focus in the latest maneuvering is whether those claims belonged in federal or state court.
Citigroup Drops Bid to Block Wachovia Sale, Presses Ahead With $60 Billion Suit for Damages
New York Law Journal
October 13, 2008