Citigroup Restrained From Taking Legal Action Against Wachovia, Wells Fargo
Stephanie Moore
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By Stephanie Moore
Noon Edition Producer
Published: October 6, 2008
The battle for Wachovia bank isn’t over yet.
Wachovia released a statement saying they believe the deal from Wells Fargo is “proper and valid”.
They also said the agreement is in the best interest of the shareholders, employees, creditors as well as tax-payers, and it imposes no risk to the FDIC fund.
Last week, Wachovia agreed to sell its banking operations to Citigroup, but then said Wells Fargo made a better offer.
According to reports, the Mecklenburg County court issued a temporary restraining order, prohibiting Citigroup from taking any legal action against Wachovia, and Wells Fargo regarding the agreement.
A hearing is scheduled for Tuesday.
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