updated 2:24 pm EST

Citigroup sues Wachovia, Wells Fargo for $60B

Citigroup Inc. said Monday it has filed a complaint in New York Supreme Court against Wachovia, Wells Fargo and the directors of both companies seeking more than $60 billion.

POLITICS & POLICY

Officials pledge to move quickly on rescue

The Treasury Department moved swiftly Monday to implement the financial rescue package.(1:08 PM EST)

Fed to provide as much as $900B in loans to banks

POLITICS & POLICY

Congress hears Lehman sought millions for execs

Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives.(1:10 PM EST)

INDUSTRIES

Eli Lilly to buy ImClone for more than $6B

Eli Lilly & Co. has agreed to spend more than $6 billion to fortify its cancer treatment portfolio.(12:46 PM EST)

INDUSTRIES

Oil prices fall as financial turmoil goes global

Oil prices sunk below $90 a barrel Monday for the first time in eight months, a key price support level.(1:06 PM EST)

INDUSTRIES

Bank of America settles suits over bad mortgages

Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify loans.(12:49 PM EST)

IBT Features

Battered financial industry faces more oversight

AP File Photo

Wall Street tumbles amid global sell-off

Financial markets took a bleak view of the future Monday, seeing contagion in a credit crisis that threatens to cascade through economies globally despite government efforts to provide relief. The Dow Jones industrials skidded around 600 points and fell below 10,000 for the first time in four years, while the credit markets remained under strain. Full Story