No Punitive Damages For Wells Fargo In Fraud Suit

Law360, New York (June 3, 2010, 12:05 PM EDT) -- A Minnesota jury declined to award a state-run insurance fund and three nonprofits punitive damages in their breach of fiduciary duty action against Wells Fargo & Co. over a security lending program, one day after jurors ordered the bank to cough up $30 million in compensatory damages but let it off the hook for breach of contract claims.

The Ramsey County, Minn., District Court jury ruled Thursday that the plaintiffs were not entitled to extra compensation, and told local media outlets that the $30 million award...
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