Court Upends $2.93M in Damages, Fees Against Wells Fargo
Awards of $2.73 million in damages and $201,000 in attorney fees against Wells Fargo in a real estate dispute have been upended, and the suit tossed out, by a New Jersey appeals court.
August 19, 2015 at 11:24 AM
5 minute read
Awards of $2.73 million in damages and $201,000 in attorney fees against Wells Fargo in a real estate dispute have been vacated, and the suit tossed out, by a New Jersey appeals court.
The Appellate Division, reversing a Bergen County trial judge's 2013 decision, found “no basis in the record … to conclude that defendant breached its implied covenant of good faith and fair dealing” in backing out of a deal to purchase two adjacent Wyckoff properties for construction of a bank branch.
According to court documents, Wells Fargo predecessor Wachovia entered into two lease agreements in December 2007 for construction of a bank branch on the parcels, at the corner of Franklin and Godwin avenues, as part of a nationwide expansion. Wachovia planned to use one parcel for the structure and the other for a parking lot.
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