Wells Fargo To Pay $8.5 Million Settlement For Recording Customers' Calls

OAKLAND (CBS/AP) -- Prosecutors say Wells Fargo Bank will pay $8.5 million to settle a lawsuit in Los Angeles alleging it was too slow to notify customers that phone calls were being recorded.

California Attorney General Kamala Harris on Monday announced the settlement in the civil complaint filed in conjunction with district attorneys in Alameda, Riverside, San Diego and Ventura counties.

The complaint alleged the San Francisco-based bank failed to notify members of the public in a timely and adequate manner that phone calls were being recorded, in violation of state law.

City News Service says Wells Fargo did not admit any wrongdoing in the settlement, and the company has worked with authorities to change its notification policies. The bank also agreed to implement an internal compliance program to ensure that changes are made.

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