Jury: Wells Fargo to Pay $30 million
Wells Fargo has been ordered to pay nearly $30 million to four nonprofits who argued their investments were not safe, as the bank contended. The figure awarded by a jury in St Paul is actually much lower than the $400 million sought by the nonprofits, including the Minnesota Medical Foundation and the Minneapolis Foundation. Today the jury will hear arguments – pro and con – for punitive damages, which could be even higher.
Wells Fargo says the losses were the result of the credit crisis – not bad practices.