Wells Fargo & Co is due to pay Citigroup Inc an amount worth $100 million just to settle down the multiple lawsuits over the contentious 2008 purchase of Wachovia Corp. this settlement is likely to put an end to yet another chapter in the receding financial crisis.

This settlement would put an end to and also resolve all the claims related to the dispute. An amount worth $60 billion had been sought for, by the Citigroup for damages from Wells Fargo for derailing its September 2008 agreement.

According to this agreement the group intended to buy large portions of Wachovia and quadruple its U. S. branch presence.

Anton Schutz, president of Mendon Capital Advisors in Rochester, New York, which owns shares of both banks said that although this dispute could have been taken far but it was better to end the matter and settle all disputes.

"If Citigroup had gotten Wachovia, the financial returns would have been significant. But it might have made it harder for Citi to do some of the things they're doing now, like getting leaner", he further added.

Wells Fargo's size is said to have been doubled at the end of 2008 with the closing of the $12.5 billion merger.