Wells Fargo to pay $7M to New Mexico under settlement

ALBUQUERQUE, N.M. (AP) - Wells Fargo will pay $7 million to New Mexico to resolve claims that the bank violated state consumer protection laws.

The state Attorney General’s Office says New Mexico is part of a $575 million multistate settlement announced Friday by Wells Fargo in addition to the state settling its own case against the banking giant.

The office says New Mexico will use the settlement money “to further consumer protection and education efforts across the state” and that Wells Fargo will also create a consumer redress review program.

Allegations against Wells Fargo included that it opened thousands of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent.

New Mexico Attorney General Hector Balderas said it was “deeply troubling” that Wells Fargo misled consumers and allowed “unlawful profiteering.”