The Navajo Nation says Wells Fargo targeted tribal members with predatory and illegal sales practices. Member station KNAU’s Ryan Heinsius reports, the tribe announced a lawsuit Wednesday for alleged violations of federal, state and Navajo law.
The suit alleges Wells Fargo employees at branches on the Navajo Nation convinced customers to open unnecessary accounts, and issued unauthorized credit and debit cards. Tribal officials also say the bank deceived Navajo elders into purchasing products to meet sales quotas.
The tribe’s President Russell Begaye says it’s seeking restitution, damages and civil penalties.
Wells Fargo didn’t comment on the lawsuit. But a representative said in a statement it’s assisting customers who were affected by widespread illegal sales practices throughout the country. The company has acknowledged it created nearly 3.5 million fraudulent accounts.