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Judge blocks Wells Fargo from acquiring Wachovia
(Agencies)
Updated: 2008-10-05 14:29 NEW YORK _ A New York judge has temporarily blocked Wells Fargo from acquiring Wachovia.
Citigroup says in a news release that state Supreme Court Justice Charles Ramos issued the order late Saturday. Citigroup has accused Wells Fargo of maneuvering to cut off its bid to purchase Wachovia's banking operations for $2.1 billion. Wells Fargo agreed to pay $14.8 billion for Wachovia on Friday. Only four days earlier, Citigroup agreed to buy Wachovia's banking operations in a deal struck with the assistance of the Federal Deposit Insurance Corp. Wachovia and Wells Fargo did not immediately respond to requests for comment.
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