No Punitive Damages for Wells Fargo
A jury has decided against punitive damages against Wells Fargo, a day after awarding $29.9 million to four nonprofits. Jurors on Wednesday found the bank had breached its fiduciary duty and engaged in fraud. But on Thursday the jurors decided not to award punitive damages.
Wells Fargo attorney Larry Hofmann argued that Wednesday’s damage award was more than double the nonprofits’ losses. Those nonprofits lost money in what the bank pitched as a safe investment program. The plaintiffs had sought more than $400 million in damages. Attorneys around the country have watched the case because similar disputes were settled out of court. This was the first such case to go to trial.