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

September 5, 2025
Merrill Lynch Advisor Faces FINRA Disciplinary Action for Refusing to Cooperate with Investigation

The Financial Industry Regulatory Authority (FINRA) has initiated disciplinary proceedings against former Merrill Lynch broker Ali F. Chehab of Portland, Oregon. According to ThinkAdvisor, FINRA alleges that he refused to cooperate in an investigation into potential misconduct, including unauthorized trading and material misrepresentati...

September 4, 2025
Wells Fargo Ties $2,000 Bonus to Non-Solicitation Clause, Raising Advisor Concerns

Wells Fargo & Co. recently issued a $2,000 bank-wide award to its 215,000 employees, following the Federal Reserve’s June decision to lift its asset growth restrictions.

September 3, 2025
Kansas City Advisory Firms Agree to $25.5 Million Settlement Over No-Poach Allegations

Mariner Wealth Advisors, along with two other Kansas City-area firms, has agreed to a $25.5 million class action settlement over allegations that they illegally agreed not to solicit each other’s advisors.