This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Fastenal paid $10 million to settle a federal wage and hour class action in 2009 alleging systematic unpaid overtime for store managers. In 2011, Fastenal paid $6.25 million to resolve DOJ False Claims Act allegations. The Office of Federal Contract Compliance Programs documented multiple discrimination settlements between 2015 and 2021 totaling $1.6 million, covering hiring discrimination at facilities across several states. Three independent enforcement actions from three separate federal agencies over twelve years indicate a pattern, not anomalies.
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.