Wells Fargo reaches $145M settlement + Belk names new CEO

Charlotte Observer (NC)

Hello! Sarahhere. It was an exciting weekend for football fans as the 2022 NFL season kicked off on Thursday. The Carolina Panthersplayed the Cleveland Browns Sunday afternoon at the Bank of America Stadium in their first game of the season. While the Panthers didn’t walk away with a win, I still have faith we’ll have a good season. What do you think?

Anyway, let’s dive into what else has happened in the Charlotte region lately. Shoutout to audience growth producer Drew Nantais for helping me write today’s newsletter.

1. Wells Fargo reaches $145M settlement with feds over claims it ‘misused’ 401(k) plan

Wells Fargo has reached a settlement with the U.S. Department of Labor following an investigation into contributions made to the bank’s 401(k) plan.

According to the Labor Department, Wells Fargo overcharged 401(k) funds for company stock purchased for the plan between 2013 and 2018. This is the latest financial hit to the bank following a number of regulatory investigations into its activities.

Under the settlement announced Monday, Wells Fargo will pay approximately $131.8 million as well as a $13.2 million penalty.

“The company strongly disagrees with the DOL’s allegations and believes it followed applicable laws in conducting the transactions,” the bank said in its news release. But it added that resolving the matter was “in the best interest of the company.”

Hannah Lang has more details.

2. Belk names new CEO, as iconic NC department store chain sues its former leader

Belkhas found its new CEO.

Don Hendricks was named the new chief executive of the Charlotte-based department store on Friday. Hendricks was named interim in May following Nir Patel’s unexpected departure for GameStop after less than a year in the role.

“I believe the company is well positioned to build on its current momentum and achieve success,” Hendricks said in a statement.

This news comes in the wake of a lawsuit Belk filed against Patel, GameStop and former senior vice president of supply chain Tim May accusing them of stealing its employees and payroll information, according to federal court documents.

Catherine Muccigrosso has the latest.

3. Are Mecklenburg charter schools better than CMS? Here’s what state’s test scores show

Results released by the state this month pull back the curtain on charter school vs. public school performance.

Lake Norman Charter, a K-12 college preparatory school in Huntersville, outperformed other area charters and most public schools earning an A performance grade. About 88% of its students passed state exams for the 2021-22 academic year — launching it into the top 6% of schools statewide.

Unlike Charlotte-Mecklenburg Schools and districts across the state still reeling from pandemic-related learning losses — about half of CMS students failed state exams for 2021-22 — Lake Norman Charter hasn’t slipped. Since 2014, it’s scored As and exceeded growth expectations.

But a Charlotte Observer analysis shows Lake Norman Charter is an exception among the 33 Mecklenburg County charter schools when it comes to how students performed versus the county’s public school students.

Anna Maria Della Costa and Gavin Offexplain the results and more.

4. App State’s stunning win against top-10 team draws ESPN’s ‘College GameDay’ to Boone

It’s a good time to be an Appalachian State Mountaineer.

The popular ESPN show “College DameDay” announced it will broadcast this week’s show from Boone. ESPN announced the visit just hours after the Mountaineers’ upset victory of then-No. 6 Texas A&M at Kyle Field in College Station, Texas — App State’s first win against a top-10 opponent since the famous 2007 Michigan game.

“This is a special opportunity to showcase our university, community and football program to a national audience.” App State athletics director Doug Gillin said in a statement.

Mary Ramsey’s got the full story.

5. Some more stories to read

RoCo’s Costa Rican rotisserie chicken remains a hit three decades later in Charlotte

NC virtual charter schools are still low-performing. But is it as bad as it seems

14-year-old charged with murder after 10-year-old cousin shot and killed, NC cops say

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