{"id":154745,"date":"2025-04-06T16:00:10","date_gmt":"2025-04-06T13:00:10","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=154745"},"modified":"2025-04-06T15:34:26","modified_gmt":"2025-04-06T12:34:26","slug":"wells-fargo-ordered-to-pay-825-million-here-is-why","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/wells-fargo-ordered-to-pay-825-million-here-is-why\/","title":{"rendered":"Wells Fargo Ordered to Pay $825 Million &#8211; Here is Why"},"content":{"rendered":"<p>The bank was <strong><a href=\"https:\/\/www.conradscherer.com\/conrad-scherer-secures-landmark-832-million-verdict-against-wells-fargo-for-seminole-tribe-minors-trust\/\" target=\"_blank\">found<\/a> <\/strong>liable for charging unauthorized fees and mishandling a trust fund meant to secure the financial future of around 2,000 children from the Seminole Tribe of Florida.<\/p>\n<p>The Seminole Minors Per Capita Payment Trust, originally set up to manage funds from the Tribe&#8217;s gaming ventures, accused Wells Fargo of breaching its fiduciary duty. The court determined that Wells Fargo must pay $825 million in damages along with over $7 million as compensation for the improperly levied fees. Additionally, eight bank executives involved in the case were ordered to pay symbolic damages ranging from $50 to $500 each.<\/p>\n<p>One of the key revelations came from Kim Scott, a relationship manager at Wells Fargo, who admitted during cross-examination that the bank had mismanaged the funds, kept poor records, and collected millions in unauthorized charges. Scott acknowledged that he had not thoroughly reviewed the governing documents of the trust, despite overseeing one of the bank\u2019s largest accounts.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/bitcoins-decoupling-from-stocks-arthur-hayes-shares-bold-prediction\/\" title=\"Bitcoin\u2019s Decoupling from Stocks? Arthur Hayes Shares Bold Prediction\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/bitcoin2311-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Bitcoin\u2019s Decoupling from Stocks? Arthur Hayes Shares Bold Prediction<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The trust, originally managed by Wachovia Bank before Wells Fargo\u2019s acquisition in 2008, was established about 20 years ago to safeguard the wealth generated from the Tribe\u2019s gaming businesses. In 2016, the Seminole Tribe dismissed Wells Fargo as trustee after an internal review raised concerns about poor investment performance and questionable fees, totaling $7.6 million, that barely kept up with inflation.<\/p>\n<p>Following the ruling, Wells Fargo announced its intention to appeal. Meghan McDonald, a spokesperson for the bank\u2019s Wealth and Investment Management division, stated that the bank had acted according to the Tribe\u2019s guidelines and fulfilled its fiduciary responsibilities. She argued that the appeal would focus on addressing courtroom rulings that, in Wells Fargo\u2019s view, restricted them from fully presenting their side of the story.<\/p>\n<p>The trust, now valued at nearly $3 billion, remains central to the Tribe\u2019s efforts to secure financial stability for its younger members. Wells Fargo\u2019s appeal seeks to challenge the jury&#8217;s decision, aiming to overturn the hefty damages awarded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo faces a substantial financial setback after being ordered to pay hundreds of millions of dollars in damages following a Florida jury verdict.<\/p>\n","protected":false},"author":9,"featured_media":31738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-154745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wells Fargo Ordered to Pay $825 Million - Here is Why<\/title>\n<meta name=\"description\" content=\"Wells Fargo faces a substantial financial setback after being ordered to pay hundreds of millions of dollars in damages following a Florida jury verdict.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptodnes.bg\/en\/wells-fargo-ordered-to-pay-825-million-here-is-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wells Fargo Ordered to Pay $825 Million - Here is Why\" \/>\n<meta property=\"og:description\" content=\"Wells Fargo faces a substantial financial setback after being ordered to pay hundreds of millions of dollars in damages following a Florida jury verdict.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptodnes.bg\/en\/wells-fargo-ordered-to-pay-825-million-here-is-why\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptodnes EN\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-06T13:00:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/wells-fargo-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alexander Zdravkov\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alexander Zdravkov\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cryptodnes.bg\/en\/wells-fargo-ordered-to-pay-825-million-here-is-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptodnes.bg\/en\/wells-fargo-ordered-to-pay-825-million-here-is-why\/\"},\"author\":{\"name\":\"Alexander Zdravkov\",\"@id\":\"https:\/\/cryptodnes.bg\/en\/#\/schema\/person\/4ee541130c110832e7b2b9e3f8e56360\"},\"headline\":\"Wells Fargo Ordered to Pay $825 Million &#8211; 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