Wachovia Corp., at the center of a fight between Wells Fargo & Co. and Citigroup Inc. over who will buy the beleaguered bank, is moving ahead with its deal to sell itself to Wells Fargo - while questions arise about the damaging effects that prolonged litigation might have on Wachovia.
Wachovia yesterday filed a lawsuit asking a federal judge in Manhattan to allow the Wells Fargo deal to go through.
Late Saturday, New York State Supreme Court Justice Charles Ramos had issued an order blocking the sale of Wachovia, which Wells Fargo had agreed to purchase in its entirety in a $14.8 billion deal.
Citigroup had already agreed to buy Wachovia’s banking operations for $2.1 billion.
