Wales Vargo ordered $ 832,000,000 as compensation after the jury found that the lender was mismanaged and received unauthorized fees on the insurance fund for 2000 children
Wales Vargo has a hook for hundreds of millions of dollars after the Florida jury found that the bank imposed unauthorized fees and bad faster than a receptive fund created for minors.
The Lawyer Office, which represents the minors fund for the individual at Seminole Fere Capita, is a fund that was established by the Seminole tribe in Florida to protect the financial futures for about 2000 children, He says Wells Fargo is to pay $ 825 million as compensation for more than $ 7 million for unauthorized fees.
The lawsuit was accused by Wales Vargo and eight of the executives of violating the credit duty towards the tribe and its children. The eight executive directors were ordered Wells Vargo to pay symbolic damage ranging from 50 to 500 dollars.
According to the prosecutor’s lawyer, the Director of Wales Vargo Kim Scott admitted the bank’s mistake during the interrogation
“… Scott Poilez Vargo deliberately admitted money, maintained insufficient records, and raised millions of unauthorized fees. Scott also revealed that he had never reviewed the ruling documents for trust, despite the management of one of the bank’s largest accounts.”
Wales Vargo was expelled as a trustee fund in 2016 after the Siminol tribe officials conducted a review rate. According to the Wells Vargo investment strategy, it barely paid inflation. The leaders of the Siminol tribe also questioned the illegal fees, which amounted to $ 7.6 million that Wells Fargo accused confidence.
After the ruling of the jury, Wales Vargo He says You will resume. Megan McDonald, a spokesman for wealth and investment in Wales Vargo, says.
“We have followed [Seminole] The instructions of the clear and repeated tribes government about the confidence management, which were disposed of with our credit duty, and provided financial results consistent with the jurisdiction of the tribe during our time as a trustee. Our goal of appeal is to address the provisions of the multiple courtroom, which we believe prevented us from sharing the full story with the jury. “
The payment box for the individual was created in Seminole two decades ago with the only guardian who was Wachovia Bank, who was Wells Fargo acquired In 2008, confidence drew its resources primarily from the games institutions in the tribe. Currently, estimates of trust are about $ 3 billion.
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