A Broward County jury has ordered one of the biggest banks in the country to pay $826 million to the children of the Seminole Tribe of Florida.
The children were the beneficiaries of a trust their attorneys say was mismanaged for over ten years.
The that Wells Fargo took over the trust in 2008. But the bank was removed less than a decade later after the Tribe flagged low returns and the charging of over $7.5 million in illegal fees.
Wells Fargo's attorneys blamed Seminole Tribe leaders for a conservative investment approach, but the plaintiffs argued the bank had the final say.
Seminole children will receive a payout when they reach maturity, which was age 24 by the terms of the trust in 2016. The payment for each child is estimated between $2 to $3 million.
READ MORE: Appeals court says Tesla only 1% responsible in lawsuit linked to Fort Lauderdale car fire
This is a News In Brief report. Visit SA国际传谋 News for in-depth reporting from South Florida and Florida news.
