WSJ: Labor Department Probes Wells Fargo's 401(k) Practices

The Labor Department is examining whether Wells Fargo & Co. 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 on.wsj.com.

Wells Fargo (WFC) was not immediately available for a comment.