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 South Florida Sun Sentinel reports 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.
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