ALBUQUERQUE, N.M. (AP) — A New Mexico judge has issued a $3.2 million judgment against Wells Fargo for foreclosing on a man's home after his death, even though he had purchased an insurance policy through the bank that would have paid the remaining balance on his mortgage.
District Judge Beatrice Brickhouse said the bank's conduct was shocking and so reprehensible that in addition to actual damages, attorney's fees and court costs, she awarded James Dollens' estate $2.7 million in punitive damages.
Brickhouse issued the ruling Feb. 14. It was reported Friday by the Albuquerque Journal.
Jim Hines, a spokesman for San Francisco-based Wells Fargo, said the bank will appeal and it disagrees with several parts of the ruling, including the award of punitive damages.
Katy Duhigg-Kennedy, a lawyer for Dollens' estate, said Friday that the ruling "protected people over profits. We are confident that the appellate courts will do the same."
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