(Photo: Diego M. Radzinschi/ALM

Wells Fargo last week agreed to a settlement with the U.S. Department of Labor in which it will return more than $131.8 million to its retirement plan participants and pay a penalty of nearly $13.2 million.

“Our investigation found those responsible for Wells Fargo’s 401(k) plan paid more than fair market value for employer stock and, by doing so, betrayed the trust of the plan’s current and future retirees,” Labor Secretary Marty Walsh said in a press release. “Today’s settlement shows the Department of Labor will act when we find retirement assets are misused and benefit plans suffer.”

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.