Wells Fargo & Co. said on Monday it would pay a penalty of $13.2 million as part of a settlement with the U.S Department of Labor to resolve the federal agency’s review of certain transactions related to the bank’s 401(k) retirement plans.
About $131.8 million would also be paid out to eligible current and former participants of the plan, the bank said, adding that it “strongly disagrees with the DOL’s allegations”.
