Citi chases $60bn damages in Wachovia dispute
Citi is pursuing its claim for $60bn (£34bn) in damages after dropping its attempt to purchase the assets of Wachovia, writes the New York Law Journal. Citi is no longer seeking to block the acquisition of Wachovia by Wells Fargo for $15bn (£8.6bn) but insisted in a statement last week (9 October) 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." Wachovia filed notice of removal of Citi's state suit on Friday (10 October). Southern District of New York Judge Lewis Kaplan will now hear Citi's argument for an order of remand.
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