Technology giant 3M stated that its pension fund’s private equity investments, expenses, securities lending and distributions of benefits are all being examined.
3M’s pension plan was valued at $19.7 billion in its 2016 annual report.
It revealed in its latest Q1 filing to the US Securities and Exchange Commission that it was informed of Department of Labor’s investigation in April 2015 and was issued with “certain subpoenas” in December 2016 relating to 3M and 3M Investment Management as part of the investigation.
The Department of Labor clarified that the case related to the federal Employee Retirement Income Security Act of 1974.
3M has produced additional responsive documents and is fully cooperating with the Department of Labor in its investigation, which is yet to be set a target completion date.