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Sunday, October 05, 2008

Wachovia Battle: Appellate Court Rules for Wells Fargo

by Calculated Risk on 10/05/2008 09:41:00 PM

The AP is reporting tonight that the Appellate Division of the New York State Supreme Court threw out the lower court order favoring Citigroup (to temporarily halt the Wells Fargo acquisition of Wachovia). (hat tip Kevin)

The AP is also reporting that documents filed with the court reveal that the FDIC had informed Wachovia that the bank would be seized last Monday if a deal wasn't reached immediately.

The WSJ reports: Fed Pushes to Resolve Wachovia Deal Dispute

In a sign that U.S. officials are concerned about the increasingly volatile situation, officials from the Federal Reserve were pushing hard for Citigroup and Wells Fargo to reach a compromise. That effort could result in essentially carving up the Charlotte, N.C., bank between its two suitors, these people said.
The Fed is still working weekends.