BUSINESS
11/06/2008 05:12 am ET Updated May 25, 2011

Citigroup Lays Out Wachovia Claims

The financial giant, Citigroup, on Monday finally filed its complaint against rivals banks Wachovia and Wells Fargo, laying out the claims underlying its efforts over the weekend to block the merger of the two financial companies.

In the complaint, filed in New York Supreme Court, Citigroup seeks a total of $60 billion in damages from the two companies and their directors, who are also named as defendants.

In a sense, the complaint is a formality because legal skirmishing has raged all weekend. Citigroup obtained an order from a New York state judge on Saturday evening that could have blocked the progress of the merger of Wachovia and Wells Fargo; that order was overruled on Sunday night by a New York appellate judge.

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