Judge Elizabeth Magner, Chief Judge of the Bankruptcy Court for the Eastern District of Louisiana has ordered Wells Fargo to pay $3,171,154.00 in punitive damages to Michael Jones in the Jones v. Wells Fargo Home Mortgage, Inc. case. The judgment was rendered on April 5, 2012.
The case began in 2006 after Wells Fargo failed to account for funds it had received from Mr. Jones as post petition payments in his Chapter 13 bankruptcy.
Due to the significant award of punitive damages, it can only be assumed that Wells Fargo will appeal this decision.
The opinion was released on April 5, 2012.
by Kevin Gipson, New Orleans, Louisiana bankruptcy lawyer.
