Wells Fargo & Co. bungled the 2020 sale of Occidental Petroleum Corp. shares on behalf of an employee trust, a judge in Texas ruled. Because the bank failed to execute trades as planned before the Covid-19 pandemic tanked the stock market, the trust experienced tens millions of dollars in losses.

U.S. District Judge Lee Rosenthal of Houston said she will decide later how much the bank must pay Occidental in damages, after lawyers provide more detail on losses suffered by the energy company’s so-called “rabbi trust,” which was used to compensate certain executives.

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