Missouri jury awards woman $77M in case against Wells Fargo

  • Associated Press
  • Tuesday, May 12, 2015 1:44pm
  • Business

CLAYTON, Mo. — A Missouri jury has awarded a woman $77 million in damages in a lawsuit alleging Wells Fargo Bank mismanaged her family trusts.

The St. Louis Post-Dispatch reports that the St. Louis County jury late Monday sided with 78-year-old Barbara Burton Morriss of the St. Louis suburb of Olivette.

Morriss sued Wells Fargo in early 2012, alleging the bank breached its fiduciary duty by failing to fully disclose financial transactions in two family trusts that lost millions of dollars.

Morriss was a beneficiary and co-trustee on both trusts with her son, venture capitalist B. Douglas Morris. He’s serving five years in federal prison for tax evasion.

Wells Fargo says it’s disappointed about the verdict and is weighing whether to appeal.

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