Wendy Williams Can't Access 'Several Million Dollars' from Wells Fargo, Bank Claims She's Being 'Exploited'

Wendy Williams is in a legal fight with her bank.

In a letter to the court on Feb. 4, obtained by PEOPLE on Thursday, Williams, 57, claims Wells Fargo has "denied [her] any access, whether online or otherwise, to her financial accounts, assets, and statements" for more than two weeks. According to her filings with the court, this action was based on the advice of Williams' former financial advisor, Lori Schiller, that Williams "was of unsound mind."

The documents state that Wells Fargo currently has "several million dollars" of Williams' funds in its possession. The bank, in its filings to the court, said it froze the funds because "Wells Fargo has strong reason to believe that [Williams] is the victim of undue influence and financial exploitation." It does not specify who or what is exploiting or unduly influencing Williams.

It says it reached that conclusion based on "reports of the financial advisor, who has recently witnessed telltale signs of exploitation, including [Williams]'s own expressed apprehensions." It says it also relied on reports from "other independent third parties who know [Williams] well and share these concerns."

Williams says in her filings that she fired Schiller as "her financial advisor due to Schiller's malfeasance in relation to [Williams]'s accounts and Schiller's improper conduct in relation to their professional relationship." Nevertheless, she says, Wells Fargo wrongfully "continues to rely on Schiller's advisement as support for its decision to deny [Williams] access to her financial assets and statements."

Thus, the talk show host, who has been dealing with ongoing health issues, believes the bank "impeded and unlawfully prevented" her access to her finances. Because of this, Williams is asking the court to take immediate action to prevent the bank and those associated with Wells Fargo from "interfering with her right to access her financial assets and statements."

If granted, this move would require Wells Fargo and others acting on its behalf to unfreeze Williams' accounts. If she continues to be denied access to her bank accounts, Williams says she "will be in default of several bill payments, including her mortgages, her marital settlement payment, and employee payroll" and will "continue to suffer imminent and irreparable harm."

In a letter sent on Wednesday to New York County Supreme Court Judge Arlene Bluth, an attorney for Wells Fargo stated that the bank has "filed a petition ... for the appointment of a guardian of the property of [Williams]." In the letter, attorney David H. Pikus referred to Williams as "incapacitated" and "the victim of undue influence and financial exploitation." It does not specify who or what is exploiting or unduly influencing Williams.

Williams' attorney flatly denied those allegations.

Pikus requested that the court keep the proceedings "under seal" to "preserve the confidential nature" of Williams' personal information.

"Despite [Wells Fargo]'s assertion that its suspicions are genuine, their decision to deny [Williams] access to her financial assets for weeks without providing her or her counsel with adequate explanation or evidence to support its decision, and their decision to wait until [Williams] filed an emergency petition for a preliminary injunction before pursuing, or notifying [Williams] that it had pursued, a guardianship proceeding gives pause for concern about [Wells Fargo]'s intentions," Williams' attorney said in a response letter.

Williams' attorney also reiterated the request that the bank be prohibited from continuing to freeze her funds until "a hearing be scheduled in an effort to resolve this matter as equitably and efficiently as possible for the benefit of both parties."

In a statement obtained by PEOPLE, a spokesperson for Wells Fargo said: "We deny any allegations of improper actions with respect to Ms. Williams' accounts and are fully participating in a court process to reach a resolution that is in her best interest. The financial well-being of our clients is at the heart of everything we do."

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Williams' ongoing health issues resulted in the 13th season premiere of her namesake series, The Wendy Williams Show, being delayed twice.

She was first diagnosed with a breakthrough coronavirus case while continuing to endure Graves' diseases complications. As she later recovered from COVID-19, she delayed her return as she continued to face other health issues and remain under medical supervision.

In her absence, stars including Leah Remini, Sherri Shepherd, Michael Rapaport, Whitney Cummings and Jerry Springer stepped in as guest hosts.

A source told PEOPLE on Tuesday that Williams "won't be returning to the show for the rest of this season."

"Her healing is going slower than everyone had hoped. She continues to deal with a number of medical issues, including Graves' disease, and she and her team are taking it one day at a time," a source said. "But reports of a stroke, drugs or addiction issues or a dementia diagnosis are all false. Whether Wendy can return in the fall will depend on how her healing goes over the summer. Her health is the most important thing."

TMZ reported Tuesday that Shepherd, 54, will soon be named the show's "permanent guest host." Ratings soared to a season-high when Shepherd first hosted in November 2021, and she's since gone on to guest host on multiple multiple occasions.

"Sherri is thrilled to be invited back to guest host the Wendy Williams Show the week of February 21st," a rep for Shepherd told PEOPLE. "No comment on these rumors."

The Wendy Williams Show airs weekdays (check local listings).