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NEW YORK — An agreement suspending federal litigation over the fate of Wachovia was extended by two days after a lawyer said a “grand solution” between bidders Citigroup and Wells Fargo was being negotiated.
The two suitors urged U.S. District Judge Lewis Kaplan on Wednesday to extend the delay during a teleconference five minutes after the original agreement expired, according to a court transcript.
Kaplan agreed, canceling a hearing in Wachovia’s lawsuit against Citigroup.
“There are negotiations between Wells Fargo and Citigroup about a possible grand solution that would preserve the shareholder value for Wachovia as represented by the Wells Fargo deal,” said Wachovia lawyer David Boies, according to the transcript.
