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.
Key facts
- Wells Fargo Bank and former employees were sued by plaintiffs for mismanagement of a trust, with plaintiffs alleging the bank charged over $7 million in undisclosed and unauthorized trustee fees in breach of fiduciary duties.
- The trial court granted plaintiffs leave to amend their complaint to plead punitive damages based on the fiduciary breach allegations.
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Why it matters
The opinion gives corporate defendants a concise appellate authority for resisting punitive damages proffers in fiduciary-duty cases, emphasizing two independent hurdles: culpable-conduct evidence beyond the breach… — full analysis with a trial
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