Wells Fargo & Co. said the Labor Department and other federal agencies are investigating its 401(k) plan.
The agencies are “reviewing certain transactions associated with the employee stock ownership plan feature of the company’s 401(k) plan, including the manner in which the 401(k) plan purchased certain securities used in connection with the company’s contributions to the 401(k) plan,” according to a regulatory filing Tuesday.
The San Francisco-based bank declined to comment beyond what it disclosed in the filing.
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