New Mexico sues Wells Fargo over unauthorized accounts

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New Mexico sues Wells Fargo over unauthorized accounts

New Mexico sues Wells Fargo over unauthorized accounts

WHIG-

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.

[WHIG]

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