The Navajo Nation has settled a lawsuit with Wells Fargo for alleged predatory banking practices. KNAU’s Ryan Heinsius reports.
The $6.5 million settlement comes after the tribe sued the bank in 2017 under the Federal Consumer Financial Protection Act. The Navajo Nation accused Wells Fargo of engaging in a years-long effort targeting Navajo people, especially elders, with improper fees and service charges. They also say bankers issued unauthorized cards and accounts.
The tribe also filed a separate lawsuit in its own district court, and the settlement resolves both cases.
In a statement, Wells Fargo says the settlement demonstrates its commitment to making things right regarding its past sales practices.
The company reached a larger settlement last year with attorneys general from all 50 states and the District of Columbia over similar allegations.
