https://ictnews.org/news/justice-has-prevailed-seminole-tribe-wins-832m-verdict-against-wells-fargo-bank
6 replies (most recent on top)
I've lost money at that casino before.
Thanks wachovia.
Unreal. What a load of cr-p. Why are we as a society rewarding trust fund babies and trying to hold back one of America’s great companies from being able to help the economy? I’m so sick of litigious people.
Hey, I get the frustration—Wells Fargo’s track record is a mess, and this Seminole Tribe verdict just piles on. The article at ICT News lays it out: $832 million awarded because WF botched a kids’ trust fund, skimming fees and tanking returns. Kim Scott’s testimony—admitting they knowingly sc--wed up and took $2-3 million per kid—is damning. And now they want to appeal? It’s peak arrogance, like they think they can just lawyer their way out of accountability.
The “Wells Fargo Way” jab hits home—2016’s fake accounts, now this trust fiasco. Different flavors of the same problem: squeeze people, dodge the fallout. They take advantage of the clients, and they take advantage of their employees. Yes, this is the Wells Fargo Way. WIM (Wealth and Investment Management) preaching “full investment direction” while a relationship manager admits to not even reading the trust docs? That’s not just stupid—it’s reckless. How many more of these are out there? Probably a bunch, given their laundry list of lawsuits. Rant justified, IMO—WF keeps proving they’ll take advantage when they can.
That truly has to hurt in the WFB pocketbook. Dang. $832m lawsuit, sorry, there's no appealing that one. Billions set aside for severance packages, no wonder they're trying schemes to fire people and not pay up. $19.5m in settlement suit re: recording of phone calls. WFB isn't the BEP that can make more $$$$$. Just saying.
Wells Fargo once again taking
advantage of people because they can.
Now WF wants to double down and appeal? When a Wells Fargo relationship manager admitted under cross-examination by the tribe’s lawyers that the bank had engaged in illegal misconduct and misappropriated as much $2 million to $3 million per child.
A pivotal moment occurred during testimony by former Wells Fargo relationship manager Kim Scott. Under cross-examination by Osber, Scott admitted Wells Fargo knowingly mismanaged funds, maintained inadequate records, and collected millions in unauthorized fees. Scott also revealed he had never fully reviewed the Trust’s governing documents, despite managing one of the bank’s largest accounts.
I guess WIM needs to re-educate themselves on what full investment direction means?
Can we be more ridiculously stupid? Yes, yes we can. It is the Wells Fargo Way.