Wells Fargo & Co. said the Labor Department and other federal agencies are looking at its 401(k) plan.
In a filing, the banks stated that 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.”
What does it mean? We don’t know, it could just be a random investigation.