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.