Wells Fargo & Co. has won the battle for Wachovia Corp., but a legal fight spawned by the deal continues to heat up.
Wells, which outbid Citigroup Inc.'s initial offer for Wachovia, filed a request Tuesday asking the U.S. District Court for the Southern District of New York to void Citi's $60 billion suit against Wells.
Citi argues in its suit that Wells and Wachovia violated an exclusivity agreement the New York company had with the Charlotte company. In the request filed Tuesday, Wells asked that the Citi-Wachovia agreement, intended to restrict Wachovia from entertaining other offers, be declared unenforceable under rule changes passed as part of the $700 billion federal financial bailout package. Citi initially challenged the Wells deal but stepped out of the way last week. Regulators approved Wells' deal for Wachovia over the weekend. It is expected to close this year.
