Citi and Wells Fargo Announce Settlement in Wachovia Acquisition

Wells Fargo & Company WFC and Citigroup C issued the following statement today: “We are pleased to announce the resolution of the litigation between Citigroup Inc. and Wells Fargo & Co. relating to the acquisition of Wachovia Corp. in October 2008. Wells Fargo will pay Citigroup $100,000,000 in settlement of all claims related to this dispute. We are glad to put this matter behind us and we look forward to our two institutions working together constructively in the future,” both companies said.