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Conrad & Scherer Secures Landmark $832 Million Verdict Against Wells Fargo for Seminole Tribe Minors’ Trust

In a landmark legal victory, Conrad & Scherer successfully represented the Seminole Tribe of Florida’s Minors’ Per Capita Payment Trust. The firm secured a historic jury verdict of over $832 million in Broward County against Wells Fargo Bank.

Background of the Trust

The Minors’ Trust was established in 2005 with Wachovia Bank, later acquired by Wells Fargo, serving as sole trustee. Its purpose was to safeguard the financial futures of approximately 2,000 minor children of the Seminole Tribe. Funded primarily by the Tribe’s gaming enterprises, including the Seminole Hard Rock Hotel and Casino in Hollywood, Florida, the Trust’s assets grew significantly—from $1.4 billion in 2016 to nearly $3 billion today.

Trial and Key Testimony

Attorneys William R. Scherer, Steven H. Osber, and Irwin R. Gilbert led the case, presenting testimony from over 30 witnesses and experts over a seven-week trial. Tribal members from six Florida reservations attended daily to demonstrate their collective support.

A pivotal moment occurred during testimony by former Wells Fargo relationship manager Kim Scott. Under cross-examination by Osber, Scott admitted Wells Fargo knowingly mismanaged funds, maintained inadequate records, and collected millions in unauthorized fees. Scott also revealed he had never fully reviewed the Trust’s governing documents, despite managing one of the bank’s largest accounts.

Bank’s Defense and Verdict

Wells Fargo argued that the Tribe dictated conservative investment strategies to mitigate market risk. Lead attorney William Scherer countered this claim, stating the Trust explicitly designated Wells Fargo as responsible for investment decisions. “The Tribe hired the bank precisely for its financial expertise,” Scherer explained. “Unfortunately, Wells Fargo failed to protect these children’s futures.”

Significance and Impact

Senior partner Steven Osber highlighted the verdict’s broader implications: “This jury decision sends a powerful message to financial institutions entrusted with safeguarding minors’ assets. It ensures the Tribe’s children receive every dollar they deserve and holds banks accountable.”

Conrad & Scherer remains dedicated to advocating for justice in complex financial and fiduciary litigation, committed to protecting communities throughout Florida.