DOL Investigation Leads To $131.8M Recovery For 401(k) Plan Participants

Mealey's (September 19, 2022, 6:59 AM EDT) -- WASHINGTON, D.C. —The U.S. Department of Labor (DOL) on Sept. 12 announced a settlement with Wells Fargo and Co. and Wells Fargo Bank and GreatBanc Trust Co. under which participants in the Wells Fargo 401(k) plan will recover “more than $131.8 million” after investigation by the DOL’s Employee Benefits Security Administration found that “the fund overpaid for company stock purchased for the plan.”...

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