Wells Fargo to Pay $132 Million in 401(k) Settlement (1)

Wells Fargo & Co. and its affiliates settled for more than $131.8 million to end a US Labor Department investigation into its 401(k) retirement plan, the department announced Monday.

An Employee Benefits Security Administration investigation into Wells Fargo, Wells Fargo Bank, and the plan’s trustee GreatBanc Trust Co. found that the fund allegedly overpaid for company stock purchased for the plan from 2013 to 2018, the DOL said. Wells Fargo also agreed to pay a nearly $13.2 million penalty.

Wells Fargo also allegedly used stock dividends to make its contributions to the plan. The dividends were used to repay ...