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Wells Fargo Sues Citi to Head Off Liability Claims

Wells Fargo on Tuesday filed a lawsuit to prevent Citigroup from pursuing liability claims against it, as part of the banks' ongoing battles over Wachovia.

Wells Fargo asked a federal court to block Citigroup from pursuing claims against Wells Fargo after Wachovia opted earlier this month to turn down a buyout offer from Citigroup and instead merge with Wells Fargo.

Wells Fargo said on Oct. 3 that it reached an agreement to acquire Wachovia for $15 billion only days after the federal government helped negotiate an agreement in principle under which Citigroup would acquire Wachovia's banking business for about $2.1 billion.

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