Wells Fargo to pay Navajo Nation $6.5M to settle lawsuit
(CNN) - Wells Fargo is paying the Navajo Nation $6.5 million to settle allegations the bank preyed on the Native American tribe by using shady sales tactics.
The agreement puts to rest a 2017 lawsuit brought by the Navajo Nation that accused scandal-ridden Wells Fargo of "predatory" practices, including opening fake accounts and pressuring elderly citizens who did not speak English to enroll in services they didn't need.
Wells Fargo's predatory actions defrauded and harmed the Nation," said Navajo Nation President Jonathan Nez said in a statement on Thursday announcing the settlement. "This puts other companies on notice that harmful business practices against the Navajo people will not be tolerated."
The Navajo Nation, which spans Arizona, New Mexico and Utah, had alleged in the 2017 lawsuit that Wells Fargo representatives "stalked local events" like basketball games and flea markets to sign up customers for "unnecessary accounts." The "unlawful" sales tactics took place between 2009 and 2016, according to that lawsuit.
The settlement underlines the wide range of customers Wells Fargo has been accused of abusing. The bank has previously admitted to forcing borrowers into auto insurance they didn't need and charging home buyers unnecessary mortgage fees.
https://www.news4jax.com/money/wells-fargo-to-pay-navajo-nation-65m-to-settle-lawsuit
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