Law360 (Aug 13, 2021, 10:17 p.m. EDT) – A Florida appeals court ruled on Friday that a jury correctly concluded that Wells Fargo owed a payment processor about $ 2 million in compensatory damages, but reduced an award of $ 5 million in punitive damages after determining that a bank employee accused of negligently misrepresenting a customer’s account to the detriment of the processor had limited authority.

A three-judge panel on Friday unanimously concluded that a lower court was wrong when it found Wells Fargo owed $ 5 million in punitive damages for the conduct of the Director of bank relations, Cristos Cucci.

Cucci had forwarded to The EFT Network, a payment processor, …

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