Trending: Wells Fargo to Pay $145 Million to Settle 401(k) Probe
September 12 2022 - 3:57PM
Dow Jones News
15:27 EDT -- Wells Fargo & Co. is one of the most talked
about companies in the U.S. across all news items in the last 12
hours, according to Factiva data. Wells Fargo agreed to pay about
$145 million to resolve U.S. Labor Department allegations that the
bank's retirement plan overpaid for its own stock. The department
found that the bank's 401(k) plan and its trustee paid between
$1,033 and $1,090 per share for preferred stock, which later
converted to $1,000 in common stock when it was allocated to plan
participants. Wells Fargo shares traded 0.4% higher at $45.53
Monday afternoon. Dow Jones & Co. owns Factiva.
(matthew.walker@dowjones.com)
(END) Dow Jones Newswires
September 12, 2022 15:42 ET (19:42 GMT)
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