ALBUQUERQUE — New Mexico's Office of the Attorney General Consumer and Environmental Protection Division has filed a lawsuit against Wells Fargo Bank NA, for alleged violation of the state's Unfair Trade Practices Act.
The Attorney General's Office alleges Wells Fargo violated state law when its employees opened an estimated 20,000 new accounts for New Mexico customers without authorization, enrolling customers in unauthorized products and misleading customers about the status of their relationship with the bank.
“As the fiscal agent for the state, and a provider of banking services to thousands of New Mexicans, Wells Fargo has failed to resolve their violations of law," New Mexico Attorney General Hector Balderas said in a statement. “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."
Funds recovered through the lawsuit will go toward increasing financial literacy for students and at-risk families in the state, according to the Attorney General's Office.