Wells Fargo will pay the Navajo Nation $6.5 million to settle a lawsuit, in which the tribe accused it of “predatory and unlawful practices” by lisettevoytko
$6.5 million
to settle a lawsuit, in which the tribe accused it of “predatory and unlawful practices,” as the bank struggles to recover its reputation following nationwide scandals. In the original complaint, the Navajo Nation claimed Wells Fargo opened accounts in the names of their tribal members without their consent, specifically by taking advantage of the elderly or those who do not speak fluent English.in the Navajo’s tribal land, which spans parts of Arizona, Utah and New Mexico.
A federal court dismissed the Navajo Nation’s lawsuit in September. The tribe appealed the following month. Wells Fargo said in a statement Thursday: “Our agreement with the Navajo Nation demonstrates our commitment to make things right regarding past sales practices issues as we continue the important transformation of our company. With this matter resolved, we look to continue building upon our long-standing relationships with the Navajo Nation and its members, and continue to help our customers and communities throughout Indian Country.
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