Wells Fargo to Pay $145M After 401(k) Investigation by the Department of Justice
Wells Fargo Bank said Monday it has reached an agreement with the Department of Labor to pay over $145 million to various parties.
The bank agreed to the settlement after the Department of Labor accused Wells Fargo and GreatBanc Trust Company of making 401(k) plans “pay more for stock than it would be worth when deposited in participants’ accounts” from 2013 to 2018.
“The Company strongly disagrees with the DOL’s allegations and believes it followed applicable laws in conducting the transactions. Though the Company disagrees with the DOL’s allegations and has not conducted these transactions since 2018, Wells Fargo believes resolving this legacy matter is in the best interest of the Company,” Wells Fargo said in a press release announcing the agreement.
