A New York judge temporarily stopped the purchase of Wachovia by Wells Fargo on October 4, 2008, pending legal proceedings. Citigroup alleges a breach of contract by Wachovia, and is suing Wells Fargo for $60 billion in damages.NY Times: Citigroup Says Judge Suspends Wachovia Deal (October 4, 2008)
Citigroup offered to buy the banking assets of Wachovia for $2.1 billion on September 29, 2008, and absorb over $42 billion in losses Wachovia suffered due to the global credit crisis.NYT: Citigroup Buys... (September 29, 2008) On October 3, 2008, after Wachovia tentatively agreed to Citigroup's proposal, Wells Fargo made a bid to purchase all of Wachovia for $15 billion in stock.CBS: Fight Over Wachovia Intensifies (October 3, 2008)
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Citigroup had "exclusivity agreement' with Wachovia, to expire October 6Bloomberg: Citigroup Says Court Orders Continued... (October 5, 2008)
