Citi (NYSE: C), Wachovia (NYSE: WB), and Wells Fargo (NYSE: WF), in consultation with the Federal Reserve, announce the following agreement.
Citi, Wachovia, and Wells Fargo have agreed to:
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 where 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, October 8, 2008, unless otherwise extended.
Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Contacts:
Media:
Christina Pretto, 212-559-9560
Shannon
Bell, 212-793-6206
Michael Hanretta, 212-559-9466
or
Investors:
Scott
Freidenrich, 212-559-2718
or
Fixed Income Investors:
Maurice
Raichelson, 212-559-5091
