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Violation Tracker Individual Record

Company: Wells Fargo and Company
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $145,000,000
Year: 2022
Date: September 12, 2022
Offense Group: employment-related offenses
Primary Offense: benefit plan administrator violation
Violation Description: After a Labor Department investigation found that participants in its 401(k) plan overpaid for company stock, Wells Fargo agreed to pay $131.8 million to plan participants along with a penalty of $13.2 million.
Level of Government: federal
Action Type: agency action
Agency: Employee Benefits Security Administration
Civil or Criminal Case: civil
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)
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.