ALBUQUERQUE ― Attorney General Hector Balderas announced Thursday 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,” Balderas said. “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.”
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.