Wachovia Corp. and suitors Wells Fargo & Co. and Citigroup Inc. agreed Monday to a two-day halt of litigation in the takeover battle for the North Carolina lender.
The banks pledged to "cooperate in good faith to agree among themselves to secure orders where necessary in all applicable cases in all jurisdictions," according to a statement from Charlotte, N.C.-based Wachovia that was attributed to all three companies.
Citigroup, based in New York, sued Wachovia and Wells Fargo for $60 billion earlier Monday, claiming that their agreement signed Friday was in violation of Citigroup's agreement to buy Wachovia's branch operations four days earlier.
Wells Fargo agreed to purchase the whole company for $15 billion, while Citigroup's deal, backed by the Federal Deposit Insurance Corp., was for $2.16 billion.
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