Wells Fargo Bank, N.A. v. Gopher
In a trust mismanagement suit against Wells Fargo and former employees, the trial court granted the plaintiffs leave to plead punitive damages based on allegations that the bank breached fiduciary duties by charging over $7 million in undisclosed and unauthorized trustee fees. The Fourth District reversed, holding that a breach of fiduciary duty alone does not support punitive damages absent proffered evidence of fraud, malice, or other culpable misconduct, and that no evidence showed a 'managing agent' participated in or condoned the conduct. It affirmed the denial of leave to plead punitive damages on the prudent-investor/mismanagement claim.
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