As Radar previously reported, Williams sued the bank claiming they froze her accounts after her former financial advisor Lori Schiller had raised concerns of potential “financial exploitation.”
In court, Williams claimed she fired Schiller due to “malfeasance in relation to [Williams’] accounts and” her improper conduct in relation to their professional relationship.
Williams demanded the bank allow her to use her money but they refused. Wells Fargo asked the court to appoint a guardian before and money was released.
“To summarize without divulging too much on the public record, Wells Fargo has strong reason to believe that [Williams] is the victim of undue influence and financial exploitation. [Williams] is an established client of Wells Fargo and notably, 15 years with the particular financial advisor, a 23-year veteran of the financial services industry with an unblemished record.”
The bank said, “Wells Fargo is relying not only on reports of the financial advisor, who has recently witnessed telltale signs of exploitation, including [Williams’] own apprehensions but also upon other independent third parties who know [Williams] well and share these concerns.”
The case was sealed earlier this year.
Now, sources have told The Sun that “the guardianship process is complete, which means the court appointed a financial guardian.” The decision
The next step will be Williams and the guardian working with the court on a plan to access the funds.
The outlet reports Wells Fargo has been removed from the case. The bank will have to follow the instructions given by the new guardian.
An insider close to Williams said the guardian who was appointed has experience with managing finances. The entertainer has yet to be given access but that could change in the next two months.
Sources also made clear that the guardianship Willams has is not a conservatorship like Britney Spears was placed under.
Aside from the legal drama, Williams has been causing a stir with public comments about her replacement Sherri Shepherd and her plans to return to her talk show — which execs have claimed is impossible due to Shepherd already having a contract.