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Wells Fargo to pay $145 million to settle US Labor allegations that 401(k) plan overpaid for company stock

( September 12, 2022, 16:49 GMT | Official Statement) -- MLex Summary: San Francisco-based Wells Fargo agreed to pay $145 million to settle US Department of Labor allegations that the bank and a 401(k) plan trustee caused the plan to overpay for company stock. The plan paid between $1,033 and $1,090 a share for Wells Fargo preferred stock; it converted to a set value of $1,000 in Wells Fargo common stock when allocated to participants between 2013 and 2018, the department alleged.Statement follows in full. ...

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