Representing Wachovia in its battle with Citigroup, David Boies reports that for the first 48 hours he spent working on the case, the only time he saw daylight was when he walked to court. As the American Lawyer Litigation Daily tells it, Mr. Boies was in his office drafting Congressional testimony for former AIG CEO Maurice "Hank" Greenberg when the call from Wachovia came in.
He describes the multijurisdictional ligitigation as "like some of the old takeover battles that I used to be involved in...Someone is running to state court. Someone is running to federal court. Someone is running toanother state court."
Citigroup maintains that Wachovia's deal with Wells Fargo violates a preexisting agreement preventing Wachovia from discussing a sale or merger with anyone but Citigroup until October 6. On Saturday, a judge issued an order extending that agreement until further action can be taken.
Source: WSJ and American Lawyer Litigation Daily
