Wells Fargo agrees to pay about $145 million to resolve a Labor Department investigation into transactions used to fund contributions to the bank’s 401(k) retirement plan
into transactions used to fund contributions to the bank’s 401 retirement plan.
The Labor Department had alleged that the retirement plan overpaid for Wells Fargo stock from 2013 through 2018. San Francisco-based bank said that it disagrees with the allegations and that it believes it followed applicable laws, but it said resolving the legacy matter is in the bank’s best interest.
According to the agreement, under which Wells Fargo neither admits nor denies the Labor Department’s allegations, the bank would pay about $131.8 million to eligible current and former 401 plan participants, along with a nearly $13.2 million penalty. Wells Fargo said it also agreed to redeem certain preferred securities held by the 401 plan in exchange for common stock.
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