Minnesota Workers’ Compensation Reinsurance Association et al. v. Wells Fargo Bank, N.A.

Represented four nonprofits in case against bank where the collateral in a securities lending program was to be invested in short-term money market instruments, where the prime considerations would be safety of principal and liquidity. Instead, the bank invested a substantial portion of the collateral in risky and/or illiquid securities, including complex structured investments. The jury found that Wells Fargo breached its fiduciary duty and violated the Minnesota Consumer Fraud Act. In post-trial orders, the trial court awarded Plaintiffs attorneys' fees, and costs and disbursements. The trial court also awarded Plaintiffs forfeiture of fees by Wells Fargo and awarded pre-and post-judgment interest. The final judgment, plus additional post-trial attorneys' fees paid by Wells Fargo, totaled more than $57 million.
Past results are reported to provide the reader with an indication of the type of litigation we practice. They do not and should not be construed to create an expectation of result in any other case, as all cases are dependent upon their own unique fact situation and applicable law.
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