COMPLAINT | AG Balderas Brings Lawsuit against Wells Fargo for Opening Thousands of Fake Accounts

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COMPLAINT | NM AG Balderas Brings Lawsuit against Wells Fargo for Opening Thousands of Fake Accounts

COMPLAINT | NM AG Balderas Brings Lawsuit against Wells Fargo for Opening Thousands of Fake Accounts

FOR IMMEDIATE RELEASE Contact: David Carl
August 16, 2018 (505) 288-2465

AG Balderas Brings Lawsuit against Wells Fargo for
Opening Thousands of Fake Accounts

Albuquerque, NM – Today, Attorney General Hector Balderas announced that the Office of the
Attorney General’s Consumer and Environmental Protection Division filed a lawsuit against
Wells Fargo Bank, N.A. for illegal business practices in opening unauthorized accounts in the
name of thousands of New Mexicans.

“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,” said Attorney General
Hector Balderas. “Its 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.”

The complaint alleges that Wells Fargo violated the New Mexico Unfair Trade Practices Act by
opening accounts without authorization of the consumer, enrolling consumers in unauthorized
products and lying to consumers about the true status of their relationship with Wells Fargo. By
the company’s own public statements, it is estimated that more than 20,000 New Mexico
accounts may have been opened without authorization.

The Attorney General is bringing this action on behalf of New Mexican taxpayers and will direct
funds recovered to increasing financial literacy for students and at-risk families in New Mexico.
If you had an unauthorized account opened by Wells Fargo, the Attorney General urges you to
report it. File a complaint online at https://www.nmag.gov/file-a-complaint.aspx or call the
Office of the Attorney General at 1-844-255-9210.

A copy of the complaint is attached.

AG Balderas Brings Lawsuit Against Wells Fargo for Opening Thousands of Fake Accounts by DinSFLA on Scribd

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