In order to end a government investigation into the company’s stock-related contributions to its employee retirement plans, Wells Fargo has agreed to pay $145 million.
The 401(k) plan of the bank overpaid for preferred stock that was ultimately placed into the accounts of the employees, according to the Department of Labor.
The San Francisco bank has refuted the claims made by the agency, but it consented to settle the matter by paying a $13.2 million fine to the Labor Department as well as $131.8 million to plan participants.
In a statement, Wells Fargo stated that it strongly disagrees with the DOLs allegations
Just two years ago Wells Fargo agreed to settle all criminal and civil issues involving the bank after being found guilty of creating millions of accounts for clients without their knowledge or permission between 2016 and 2020 paying $3 billion to federal regulators in February 2020.
