Wells Fargo's 401(k) Practices Being Examined by Labor DepartmentWells Fargo's 401(k) Practices Being Examined by Labor Department
Labor Department investigators are also examining whether Well Fargo's retirement-plan services unit pressed account holders to buy in-house funds.
April 26, 2018
April 26 (Reuters) - The Labor Department is examiningwhether Wells Fargo & Co pushed participants in low-costcorporate 401(k) plans to roll their holdings into moreexpensive individual retirement accounts at the bank, accordingto a person familiar with the inquiry the Wall Street Journalreported on Thursday.
Labor Department investigators are also examining whetherWell Fargo's retirement-plan services unit pressed accountholders to buy in-house funds, the WSJ reported https://on.wsj.com/2HsEVgq.
Wells Fargo was not immediately available for a comment.
(Reporting By Aparajita Saxena in Bengaluru)
