Wells Fargo & Co. has agreed to pay Citigroup Inc. $100 million to settle a dispute related to Wells Fargo’s acquisition of Wachovia Corp. during the financial crisis in 2008. Citigroup had accused Wells Fargo of interfering with Citigroup’s attempted takeover of Wachovia and sought $60 billion in damages.
This settlement resolves “all claims related to this dispute,” New York City-based Citigroup and San Francisco-based Wells Fargo said today in a joint statement. Citigroup and Wells Fargo are the nation's third and fourth largest banks by assets.
Additional details on the terms of the settlement are available on the New York Times’ blog, DealBook.