DOL orders Wells Fargo to pay $145 million over 401(k) company stock purchases
The Wells Fargo retirement plan paid more than fair market value for stock that diminished participants' savings when it was allocated to their accounts.
The Department of Labor ordered Wells Fargo to pay $145 million to settle charges that it overpaid for company stock in its employees’ retirement plan, the agency announced Monday.
In a statement, the DOL said it reached a settlement with Wells Fargo & Co., Wells Fargo Bank and Great Banc T
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