Minn. Appeals Court Backs Nonprofits in Suit Over Investments

The Minnesota Court of Appeals upheld on Monday a $30.3-million damage award to four nonprofit groups that charged Wells Fargo with mismanaging their investments, the Pioneer Press of St. Paul writes.

The Minnesota Medical Foundation, the Workers’ Compensation Reinsurance Association, the Minneapolis Foundation and the Robins, Kaplan, Miller & Ciresi Foundation for Children accused the financial firm of putting their assets into risky investment vehicles and misrepresenting their stability.

Wells Fargo had appealed the June 2010 jury verdict that granted the clients compensatory damages but denied them punitive relief.