Barbara Burton Morriss is suing Wells Fargo Bank for breach of fiduciary duty when the bank failed to fully disclose financial transactions in the Burton Trust and in the Morriss trust. The lawsuit alleges that both trusts have lost all of their value and that funds from both trusts were pledged as collateral in risky and risky business ventures. Ms. Morriss did not know that this was going on, and she suffered financial damage from the improper pledges of the funds. Wells Fargo declines to comment while they review the lawsuit.
See Lisa Brown, Wells Fargo Bank Sued Over Trusts, stltoday.com, Mar. 23, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
