AG files suit, seeks damages from Wells Fargo
August 16, 2018 12:46 PM
ALBUQUERQUE, N.M. - State Attorney General Hector Balderas says his office has filed a lawsuit and is seeking damages from Wells Fargo for opening unauthorized accounts in the names of thousands of New Mexicans.
“It's deeply troubling that a company with this much at stake in our state would mislead New Mexico consumers and allow unlawful profiteering," said Balderas. "We look forward to seeking justice in a court of law."
The suit states that Wells Fargo violated the New Mexico Unfair Trade Practices Act by opening the accounts and then "lying to consumers about the true status of their relationship with Wells Fargo."
According to the Office of the Attorney General, more than 20,000 accounts may have been opened without authorization.
Balderas says he will direct the funds recovered to go toward increasing financial literacy for students and at-risk families in the state.
If you had an unauthorized account opened, you're asked to file a complaint online here or call the Attorney General's Office at 1-844-255-9210.
Wells Fargo released the following statement in response to the AG's suit:
We remain focused on rebuilding trust and building a better bank. As a company, we have taken significant steps to make things right for our New Mexico customers, team members and communities. These steps include a nationwide class-action settlement agreement that sets aside $142 million for customer remediation and settlement expenses. We have also conducted broad outreach and worked directly with customers to resolve issues through our complaints process and free mediation services. We have completed a review of retail banking accounts dating back to the beginning of 2009 to determine potentially unauthorized accounts and provide refunds and credits to those that incurred fees and charges. That includes our New Mexico customers. We continue to welcome – and encourage – customers with questions or concerns to contact us. Wells Fargo values strong, long-term customer and client relationships. Our more than 1,300 team members in New Mexico are committed to the success of our communities. Our core business strategy is to help our customers succeed financially, and we are committed to helping our New Mexico customers reach their financial goals.
Updated: August 16, 2018 12:46 PM
Created: August 16, 2018 11:36 AM
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