Negligence Lawsuit Against Navy Federal, Wells Fargo Moves to Mediation after $3.6 Million of Elderly Veteran's Savings Allegedly Sent to Scam Artists

RICHMOND, Va., Nov. 6, 2023 /PRNewswire/ -- A Washington state woman's $3.6 million negligence lawsuit against Wells Fargo and Navy Federal Credit Union has moved to federally mandated mediation in the U.S. Court of Appeals for the Fourth Circuit in Richmond, Va.

The lawsuit, which concerns alleged fraudulent wire transactions perpetrated against U.S. Navy veteran Larry Cook, was recently dismissed by Judge Claude M. Hilton of the U.S. District Court for the Eastern District of Virginia.

"This Veteran's Day, we're reminded of my Uncle Larry's nearly quarter-century of service to the U.S. Navy," said Janine Williamson, formerly Janine Satterfield, who filed the lawsuit in January on behalf of her late uncle Larry Cook of Herndon, Va. "Navy submarines were his life's work. He was honorable, private, reflective, respected, and brilliant. He was a son, brother, cousin, and uncle. He was a military man."

Cook served in the U.S. Navy for 24 years, retiring as a commander in 1992. After suffering a stroke, Cook fell victim to a phishing scam in October 2020 and began wiring large sums of money to a foreign bank.

According to the legal complaint, Navy Federal processed 74 wire transfers to a foreign bank totaling $3.6 million for Cook in the final months of his life. The complaint also specifies that Navy Federal processed 42 of the 74 transfers, totaling $2.3 million, after the credit union reported Cook's behavior to adult protective services in December 2020.

The complaint alleges Navy Federal continued to process transfers for several months after adult protective services notified the credit union in January 2021 that Cook was the suspected victim of a fraudulent scheme and in need of protective services.

Williamson is urging lawmakers and regulators to close loopholes that permit wire fraud and to protect seniors from being victimized. According to a March FBI report, annual losses from elder fraud jumped 84% in 2022, to $3.1 billion. The average individual loss exceeded $35,000. 

"We hope Larry's final legacy will be stronger protections against elder financial exploitation and more stringent wire fraud laws in Virginia and nationwide," Williamson said.

Cook's story and Williamson's lawsuit have been profiled in USA Today, Yahoo! News, NBC Washington, CBS Seattle, Law.com, and more. Law enforcement authorities have also contacted Williamson and her attorney about the case and launched a criminal investigation.

MEDIA CONTACT:
Cooper Rumrill
(202) 980-4968
[email protected]

SOURCE Larry W. Cook Estate

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED