Chapter 14 - Hollis Private Bank settles early
The bank did not admit intentional wrongdoing.
It did acknowledge weaknesses in interpreting the household authorization.
Independent review concluded:
Two disputed transfers should have required direct confirmation.
A third fell into contractual ambiguity.
Settlement:
Bank restored:
$310,000
plus lost market interest estimate.
Waived advisory fees for one year? We no longer wanted them. Better refund prior fees.
Refunded:
$28,000
in advisory fees.
We released certain negligence claims.
The bank retained rights against Wesley if evidence supported recovery.
No magical full reimbursement of everything.
Why only $310,000?
Because some transfers were clearly within signed authorization even if I disliked their ultimate use.
Responsibility was shared.
Wesley misrepresented purpose.
Bank controls failed.
May you like
I signed broad authority.
Truth rarely gives one person every dollar back.
