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I have dedicated my law practice for the last 25 years to the wrongfully injured and their families. The purpose of this blog is not to provide legal advice. If you need legal help you can contact me at cplacitella@cprlaw.com or visit our website at www.cprlaw.com. Thank You

Tuesday, September 05, 2006

Edward Jones Settles Class Actions: Financial News - Yahoo! Finance: "Edward Jones Settles Class Action Suits Over Mutual-Fund Sales for $127M
ST. LOUIS (AP) -- Edward D. Jones & Co. has signed a tentative $127 million settlement in nine class action lawsuits for questionable revenue-sharing and sales practices from 2004, the brokerage firm announced Thursday.
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The St. Louis-based company is still awaiting a U.S. District Court judge's approval on the settlement. It would return $55 million in cash to customers and cover legal fees. It would also provide $72.5 million in non-cash vouchers to current clients over three years.
In December 2004, the Securities and Exchange Commission finished its investigation of the brokerage firm and found that the company created a conflict of interest by failing to disclose to its customers a revenue-sharing deal with mutual-fund companies."

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