Posted By CotoBlogzz
Rancho Santa
Margarita, CA – The California Attorney General and five
district attorneys
today announced a $8,500,000 settlement with Wells Fargo Bank over privacy
violations.
As part of the
settlement, Wells Fargo will pay civil penalties totaling $7,616,000 and will
reimburse the prosecutors' investigative costs of $384,000. In addition, Wells
Fargo will contribute $500,000 to two statewide organizations dedicated to
advancing consumer protection and privacy rights.
The civil complaint,
filed in Los Angeles Superior Court, alleged that Wells Fargo violated sections
632 and 632.7 of the California Penal Code by failing to timely and adequately
disclose its automatic recording of phone calls with members of the public.
In addition, the
settlement agreement states that Wells Fargo must comply with California's
standards for recording confidential communications between the bank and its
customers by making clear, conspicuous, and accurate disclosures. Wells
Fargo has also agreed to implement an internal compliance program to ensure
that the policy changes are made.
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