Court Reverses $65.5 Million Judgment Against Baker Botts & Wells Fargo Bank
In Baker Botts, L.L.P. v. Cailloux, the Fourth Court of Appeals has reversed a $65.5 million judgment against Baker Botts and Wells Fargo Bank based on jury findings that the defendants breached fiduciary duties to a widow who voluntarily disclaimed her right to her husband's share of their marital estate. After concluding that the plaintiff presented no evidence of causation and that the trial court abused its discretion by imposing an "equitable trust" on the defendants, the appellate court rendered a take-nothing judgment.
