Wells Fargo Announces That Labor Department Is Investigating Its 401(k) Plan

Posted on March 2nd, 2022 at 12:33 PM
Wells Fargo Announces That Labor Department Is Investigating Its 401(k) Plan

From the Desk of Jim Eccleston at Eccleston Law:

The U.S. Department of Labor (DOL) and other federal agencies are probing Wells Fargo & Co.’s 401(k) plan, according to the firm’s most recent SEC 10-k regulatory filing.


According to the 10-k filing, the agencies are "reviewing certain transactions associated with the employee stock ownership plan feature of the company's 401(k) plan, including the manner in which the 401(k) plan purchased certain securities used in connection with the company's contributions to the 401(k) plan.”


Wells Fargo and the DOL declined to provide any additional information beyond what was included in the filing, such as the other federal agencies participating in the investigation. According to the firm’s most recent Form 5500, Wells Fargo’s 401(k) plan had $48.8 billion assets at the end of 2020.


Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 

Tags: eccleston, eccleston law, wells fargo

Return to Archive

TESTIMONIALS

Previous
Next

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

March 6, 2025
FINRA Fines Newbridge Securities $105,000 for Failing to Supervise Margin Trading

Newbridge Securities Corp., an independent broker-dealer based in Boca Raton, Florida, has agreed to pay a $105,000 penalty for failing to supervise financial advisors who recommended margin trading to clients.

March 5, 2025
Morgan Stanley Advisor Wins Expungement Under FINRA's Stricter Rules

A FINRA arbitration panel granted a financial advisor’s request to expunge a 2022 customer complaint from her record, marking another test of FINRA’s stricter expungement rules.

March 4, 2025
Federal Judge Strikes Down Hightower's Non-Compete Agreement in California

A federal judge in Wilmington, Delaware, ruled against Hightower Advisors in its effort to enforce non-compete agreements against a former advisor in California who sold his firm to Hightower.