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ÍøÆØ³Ô¹Ïlls Fargo Announces That Labor Department Is Investigating Its 401(k) Plan

Posted on March 2nd, 2022 at 12:33 PM
ÍøÆØ³Ô¹Ïlls Fargo Announces That Labor Department Is Investigating Its 401(k) Plan

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï:

The U.S. Department of Labor (DOL) and other federal agencies are probing ÍøÆØ³Ô¹Ïlls 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.”


ÍøÆØ³Ô¹Ïlls 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, ÍøÆØ³Ô¹Ïlls Fargo’s 401(k) plan had $48.8 billion assets at the end of 2020.


ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 

Tags: eccleston, eccleston law, wells fargo

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