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."
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.
ADVERTISEMENT
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."
posted by Chris Placitella | 5:24 AM
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