- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2022-08-03T20:44:00
Wells Fargo disclosed in a regulatory filing Monday the Department of Justice (DOJ) has opened an investigation into the bank’s “hiring practices related to diversity.”
In a quarterly filing with the Securities and Exchange Commission, the bank said government agencies, including the DOJ, have “undertaken formal or informal inquiries or investigations” regarding its hiring practices. Wells Fargo further acknowledged a securities fraud class-action lawsuit it faces alleging the company and some executive officers made “false or misleading statements” about hiring practices related to diversity.
According to the class-action complaint filed in June in U.S. District Court for the Northern District of California, Wells Fargo in 2020 expanded its diverse slate hiring policy, which required “at least 50 percent of interview candidates must represent a historically underrepresented group” for most roles in the United States with compensation greater than $100,000 per year.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.
Wells Fargo must pay more than $22 million to a former senior banking executive who alleged to the Occupational Safety and Health Administration they were retaliated against for blowing the whistle on financial misconduct.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
