Wells Fargo Stipulates to $8.5 Million Judgment in Privacy Case

Wells Fargo Bank, N.A., will pay $8.5 million to settle a civil lawsuit that alleges it waited too long to inform customers that phone calls were being recorded. The San Francisco-based company reached a settlement with the Los Angeles County District Attorney’s Office, as well as the California Attorney General and the Alameda, Riverside, San …

Source: Wells Fargo to Pay $8.5 Million to Settle Consumer Protection Lawsuit – Corporate Crime Reporter

“Wells Fargo failed to recognize that Californians place a high value on privacy,” Los Angeles County District Attorney Lacey said. “Today’s settlement takes another step toward ensuring that consumers’ rights are protected.”

California law regarding the recording of phone calls is more stringent than in many other states.

Each party to a confidential conversation must be advised at the outset if a call is being recorded, so the person may object or terminate the call if he or she does not wish to be recorded.

 

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