New Mexico sues Wells Fargo over unauthorized accounts |

ALBUQUERQUE (AP) — New Mexico is suing Wells Fargo over a scandal in which the financial institution was accused of opening millions of unauthorized bank and credit card accounts across the nation to meet unrealistic sales quotas, state
Attorney General Hector Balderas announced Thursday.
Balderas’ office filed a lawsuit in district court alleging that Wells Fargo violated state laws, following major fines and penalties already levied by federal regulators because of the scandal, which severely damaged Wells Fargo’s reputation.
Balderas claimed Wells Fargo opened more than 20,000 fake accounts in the name of New Mexico residents and that that the bank enrolled consumers in unauthorized products and lied to them about their status.
The lawsuit asked for Wells Fargo to be assessed a penalty of $5,000 for each unauthorized account opened for a New Mexico resident. It’s also seeking similar fines for other alleged violations.
“It’s deeply troubling that a company with this much at stake in our state would mislead New Mexico consumers and allow unlawful profiteering. We look forward to seeking justice in a court of law,” Balderas said in a statement.
The state had warned in November that it would go to court if there were no resolutions to the violations in New Mexico.
— Read on

Leave a Reply