Wells Fargo Receives a 3.17 Million Dollar Lesson in Playing Fair.
On April 5, 2012, the Honorable Judge Elizabeth W. Magner of the U.S. Bankruptcy Court, East District of Louisiana ordered Wells Fargo to pay $3.17 Million in Punitive Damages along with Compensatory Damages of over $24,000 and litigation costs of over $290,000 in the U.S bankruptcy court case of Michael L. Jones v. Wells Fargo. What did Wells Fargo do wrong? Wells Fargo misapplied the mortgage payments from Debtor Mr. Jones, resulting in additional late fees and costs being
