Wells Fargo Agrees To Pay Navajo $6.5 Million Settlement
The Navajo Nation announced Thursday that it has settled a lawsuit with Wells Fargo Bank over predatory practices that targeted Navajo people. Under the terms of the settlement, Wells Fargo will pay the Navajo Nation $6.5 million.
The 2017 complaint detailed a long pattern of misconduct. It said, "Wells Fargo had a singular focus: it would exploit the trust of Navajo people in order to advance Wells Fargo's profit interests."
According to the complaint, for years the bank created unauthorized bank accounts and debit cards, and pressured, cajoled and deceived Navajo elders. Under intense pressure to increase sales, bank employees told Navajos who didn't speak English that in order to cash a check they had to sign up for a savings account.
This comes on the heels of a settlement Wells Fargo reached last year with the attorneys general of all 50 states over similar misconduct.
It's yet to be determined how the tribe will allocate the funds.