Bank to fight judgment over Rio Rancho foreclosure

Bank to fight judgment over Rio Rancho foreclosure

ALBUQUERQUE, N.M. (AP) – Wells Fargo says it’ll appeal a judge’s $3.1 million judgment for foreclosing on a man’s Rio Rancho home even though his workplace accidental death was covered by an insurance policy life insurance that the bank sold him.

District Judge Beatrice Brickhouse’s ruling says the bank’s conduct was shocking and so reprehensible that she awarded $2.7 million in punitive damages to Christopher Dollen’s estate.

According to the Albuquerque Journal, the judgment also includes awards for $390,000 in fees by the law firm representing Dollen’s estate, nearly $50,000 in court costs and $15,000 of damages under a New Mexico consumer protection law.

Wells Fargo spokesman Jim Hines says the bank disagrees with several parts of the ruling, including the award of punitive damages.

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