3M Co., St. Paul, Minn., is under investigation by the U.S. Department of Labor over certain investments, loans and distributions made by the company's $14.1 billion pension plan, according to a company filing with the SEC.
According to 3M's latest 10-Q filing with the Securities and Exchange Commission, the Labor Department's investigation “relates to certain private equity investments, plan expenses, securities lending and distributions of plan benefits.”
3M was notified of the probe by the Labor Department in April 2015, the filing said. Last December, according to the May 3 filing, the DOL issued subpoenas related to the investigation to 3M and 3M Investment Management Corp., which oversees plan investments.
The Labor Department has not told 3M when the investigation will be completed, according to the filing, which did not detail which investment and distribution activities are being examined.
3M said it's cooperating with the investigation and has produced additional documents.
A 3M spokeswoman confirmed the 10-Q information but would not comment further; a spokesman at the Labor department said the agency would not comment.
