Source: Jayne O'Donnell and David Lieberman, USA Today

Wachovia and Citigroup lawyers spent the weekend in state and federal courts, sparring about Wachovia’s decision Friday to break off its engagement with Citigroup after getting a better offer from Wells Fargo.
Wachovia agreed on Friday to sell itself to Wells Fargo for stock valued at about $15 billion. It had accepted an offer four days earlier from Citigroup to buy its retail bank, corporate and investment bank, and wealth management businesses — but not its brokerage or asset management firm — for just over $2 billion.

Better deal or not, Citigroup says Wachovia violated the terms of its deal by entering into one with Wells Fargo, and filed a lawsuit a block it. Citigroup says Wachovia had agreed it would “not participate in any discussions or negotiations with any third party” and that Citigroup would be “irreparably harmed” by a breach of that agreement.

Read Full Article: Wells Fargo, Citigroup in tug of war over Wachovia