Wells Fargo Owes $100 Million To Citigroup (C, WFC)

Wells Fargo & Co. WFC has agreed to pay $100 million to Citigroup C to settle claims over its purchase of Wachovia during the financial crisis, in October 2008. Citigroup was the first to publicly announce it was going to buy Wachovia, which was in danger of going under, due to a heavy load of sub-prime mortgages. Wells Fargo was initially given the bank, and thus came a lawsuit from Citigroup. Shares of Citi are off 5 cents to $4.25 and WFC is off 11 cents to $27.40.