Jones, Jr. v. Wells Fargo Bank, No. 16-10042 (5th Cir. 2017)Annotate this Case
Plaintiff filed suit against Wells Fargo and JPMorgan for breach of fiduciary duty after the banks served as trustees for plaintiff's trusts. The district court dismissed all but one of plaintiff's claims, finding a breach as to the remaining claim. The Fifth Circuit held that because plaintiff neither pleaded nor tried his case on the frivolous-lawsuit theory, and because Wells Fargo did not consent to a post-trial amendment, it was improper for the district court to award damages against Wells Fargo on that theory. The court also held that plaintiff's claim that he should have received insurance proceeds upon the House Trust's termination was time-barred; the court declined to consider plaintiff's claim that Wells Fargo double-billed the trusts; plaintiff's claim that Wells Fargo breached its fiduciary duty by using trust funds to pay for legal expenses was time-barred; the court rejected plaintiff's claim that Wells Fargo breached a fiduciary duty by failing to advise him; and plaintiff's claim that JPMorgan breached a fiduciary duty by failing to convey title to certain mineral interests was time-barred.