Macy's will pay $650,000 to settle allegations of racial profiling at its Herald Square store in New York City, according to the publication WNYC.

Attorney General Eric Schneiderman is set to announce the agreement Wednesday following the investigation that began in February 2013, according to the NY Daily News.

"This agreement will help ensure that no one is unfairly singled out as a suspected criminal when they shop in New York and that all New Yorkers enjoy full and equal access to our retail establishments," stated Schneiderman.

There were reportedly nearly two-dozen complaints from black and Latino shoppers in 2013.

"The security officer would approach them, ask them to come into a room off of the shopping floor, question them, and in the overwhelming majority of cases, there really was no basis of any kind," explained the Eric Schneiderman.

The company reportedly did not admit or deny the findings in the 37-page settlement. However, the department store has reportedly agreed to make policy changes, retrain staff and hire an independent monitor to investigate customer complaints.

"They're going to keep records in a very different way. They're going to make the records accessible to us. They're also going to make their closed circuit television rooms accessible to external law enforcement officers - very important - so we can actually see and monitor what's going on," Schneiderman stated.

Macy's said it has also "settled in principle" various private lawsuits related to the allegations.

"We at Macy's are committed to fulfilling the ideals of diversity, inclusion and respect that our company aspires to achieve - every day, in every story and office, with every customer and associate," Macy's said in a statement.