Wells Fargo & Co. has agreed to pay Citigroup Inc. $100 million to settle a lawsuit over Wells' acquisition of Wachovia Corp., the two companies said Friday.
Citi's suit, which was filed in 2008 and initially sought $60 billion of compensation and damages, alleged that merger discussions that year between Wells and Wachovia breached an exclusivity agreement intended to facilitate a Citi purchase of Wachovia.
"We are glad to put this matter behind us, and we look forward to our two institutions working together constructively in the future," Wells and Citigroup said in a jointly issued press release.
The settlement adds marginally to the $12.7 billion that Wells paid for Wachovia.
