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Violation Tracker Individual Record

Company: Wells Fargo & Co.
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $32,500,000
Year: 2022
Date: August 31, 2022
Offense Group: employment-related offenses
Primary Offense: benefit plan administrator violation
Secondary Offense: pension ERISA violation
Violation Description: Wells Fargo agreed to pay over $32 million to settle class action litigation alleging it mismanaged its employees' 401(k) plan.
Level of Government: federal
Action Type: private litigation
Court: District of Minnesota
Civil or Criminal Case: civil
Case ID: 0:20cv2016
Case Name: Becker v. Wells Fargo & Co. et al
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Link to PACER Case Docket (must be logged in): (click here)
Link to Archived Court Document:  subscribe to see this data field
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.