Wells Fargo & Co. has agreed to pay Citigroup Inc. $100 million to settle a lawsuit over Wells' acquisition of Wachovia Corp., the two companies said Friday.

Citi's suit, which was filed in 2008 and initially sought $60 billion of compensation and damages, alleged that merger discussions that year between Wells and Wachovia breached an exclusivity agreement intended to facilitate a Citi purchase of Wachovia.

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