Many of us probably remember when Nick Hogan, the son of Hulk Hogan, got in an accident which cause brain damage to the passenger in the car – John Graziano. That has resulted in a lawsuit from Hulk Hogan against Wells Fargo (NYSE:WFC), in which he claims he wasn’t informed of the possibility of putting an umbrella policy in place to protect him in a case like this.
Hulk Hogan, whose real name is Terry Bollea, ended up having to pay for the incident out of his own pocket because he had no insurance to cover that type of accident.
Interestingly, while the lawsuit was filed on April 22, Wells Fargo has said they haven’t been served the lawsuit yet, and consequently haven’t see all the allegations made from Hogan.
So with only the knowledge of Hogan’s claim they didn’t’ advise him on an umbrella policy to protect him, Wells Fargo claims they in fact have evidence to show they did let him no about that option, which he allegedly refused to take.
The lawsuit from Hogan is against insurance broker Wells Fargo Southeast, and directly deals with Hogan being left exposed by being underinsured.
Wells Fargo responded to the lawsuit in an e-mail statement saying there was “clear evidence” that “The claims made by Mr. Bollea and his attorney are without merit and Wells Fargo intends to vigorously defend this frivolous lawsuit.”
That’s in contrast to the lawsuit itself, which states that “Wells Fargo Southeast never advised, suggested or spoke to him [Hogan] regarding the advisability of an excess insurance policy or umbrella policy to protect his substantial assets in the event of a potential loss.”
Hogan reportedly was worth approximately $30 million at the time of the accident in August 2007, and while paying from his fortune in order to settle Graziano claims, the terms of the settlement are still confidential and it’s unknown how much it cost Hogan, although I’m sure it was substantial.