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

As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

Bill C. and Dan M.

LATEST NEWS AND ARTICLES

April 1, 2025
CFP Board Releases AI Ethics Guide for Its Certificants

The CFP Board has released a "Generative AI Ethics Guide" to address the growing use of artificial intelligence in financial advising.

April 1, 2025
BrokerCheck Report: Examining Customer Disputes Against Centaurus Financial, Inc. Broker Troy N. Tremblay

Troy N. Tremblay (CRD #4625407) of Centaurus Financial, Inc. (doing business as Tremblay Financial Services), has or has had three customer disputes, according to his BrokerCheck report.

April 1, 2025
A Look at Regulatory Events and Customer Allegations Against Stifel, Nicolaus & Company Inc. Broker Chuck A. Roberts

Chuck A. Roberts (CRD #2064602), currently registered with Stifel, Nicolaus & Company Incorporated, has or has had two regulatory events and twenty-five customer disputes over the course of his career in the financial services industry.