Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

1784905692 Law
July 24, 2026
Independent Review Recommends Sweeping Changes to FINRA's Enforcement Program

An independent review commissioned by the Financial Industry Regulatory Authority (FINRA) recommends significant changes to the regulator's enforcement program, including adopting a statute of limitations, expanding due process protections, and providing greater credit to firms that cooperate during investigations, according to AdvisorHub.

1784829196 Law
July 23, 2026
Cresset Sues Former Advisor Over Alleged Client Solicitation and Competing RIA Launch

Cresset Capital Management has filed a lawsuit in Illinois state court against a former advisor, alleging that he began building a competing registered investment advisory firm and soliciting clients while still employed by the Chicago-based wealth management firm.

1784733625 Law
July 22, 2026
Barred Oregon Financial Advisor Pleads Guilty to $1.6 Million Investment Fraud

A former Oregon financial advisor has pleaded guilty to fraud after admitting to a long-running scheme that caused investors to lose more than $1.6 million.