Rejecting Citigroup's bid for as much as $60 billion in damages against Wells Fargo, a New York federal judge ruled Wednesday that the emergency bailout package passed by Congress in October voided an exclusivity agreement that Citigroup had for buying embattled Wachovia Corp. in a deal that was ultimately trumped by Wells Fargo. Judge Shira Scheindlin's decision is the first ruling by a federal judge to interpret �126(c) of the Emergency Economic Stabilization Act.
July 16, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The emergency bailout package passed by Congress in October voided an exclusivity agreement that Citigroup had for buying embattled Wachovia Corp. in a deal that was ultimately trumped by Wells Fargo, a federal judge has ruled.
Rejecting Citigroup’s bid for as much as $60 billion in damages against Wells Fargo, Judge Shira A. Scheindlin ruled Wednesday that §126(c) of the Emergency Economic Stabilization Act (EESA), passed on Oct. 3, 2008, renders the exclusivity agreement unenforceable.
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