Seminole Tribe accuses Wells Fargo of $818M trust mismanagement
In a Florida courtroom, a jury heard that Wells Fargo and its predecessor, Wachovia, defrauded the Seminole Tribe of Florida’s minors trust by secretly raising fees and mismanaging investments. The tribe alleges that the bank tripled its fee rate from what was originally agreed upon and failed to disclose millions in unauthorized fees. The trust’s investments performed poorly, and the tribe claims it would have earned $818 million more if managed correctly. Wells Fargo’s defense will present its case Thursday.
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