Gibbs & Bruns partner Kathy Patrick argued for Occidental Petroleum. Credit: Gibbs & Bruns Gibbs & Bruns Safeguards $38M Judgment for Occidental Against Wells Fargo
A series of miscommunications between Wells Fargo and Occidental Petroleum's agent led to a delay in the sale of stock and an alleged loss of $38 million, Occidental claimed.
September 19, 2024 at 02:49 PM
4 minute read
The original version of this story was published on Texas Lawyer
What You Need to Know
- The U.S. Fifth Circuit upheld a $38 million damages award and $1.5 million in attorney fees for Occidental Petroleum.
- Wells Fargo was the defendant in a breach of contract dispute over the timing of the sale of stock.
- Occidental alleged the bank failed to sell stock during a designated period when the stock's value was high.
A Houston-based Gibbs & Bruns legal team convinced a federal appellate panel to uphold a $38 million judgment against Wells Fargo Bank N.A. for the bank's role in a botched sale of a client's stock.
Client Occidental Petroleum Corp., acting as the successor or party of interest in the sale of Anadarko Petroleum Corp. stock, sued Wells Fargo after the bank sold a large tranche of the stock outside the agreed upon sales time.
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