(Reuters) – The Labor Department is examining whether Wells Fargo & Co WFC.N pushed participants in low-cost corporate 401(k) plans to roll their holdings into more expensive individual retirement accounts at the bank, according to a person familiar with the inquiry the Wall Street Journal reported on Thursday.
Labor Department investigators are also examining whether Well Fargo’s retirement-plan services unit pressed account holders to buy in-house funds, the WSJ reported.
Wells Fargo was not immediately available for a comment.
Reporting By Aparajita Saxena in Bengaluru
Source: reuters.com
