Wachovia, Citigroup, and Wells Fargo Announce Litigation Standstill
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Wachovia (NYSE: WB), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC), in consultation with the Federal Reserve, announce the following agreement.
1) a standstill of all formal litigation activity effective immediately;
2) cease any formal discovery activities, and
3) cooperate in good faith to agree among themselves to secure orders here necessary in all applicable cases in all jurisdictions tolling any schedules for the filing of litigation papers or court appearances or any other formal litigation deadlines, with the goal of preserving the status quo during the litigation standstill period.
This standstill agreement will terminate at noon on Wednesday, Oct. 8, 2008, unless otherwise extended.
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