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Case ID: 4911 | Credit / Debt | 09/15/2006
Financial-services firm Edward Jones has signed a tentative agreement to settle nine class action suits in connection with the firm's mutual fund revenue sharing practices.
The settlement, which specifies $55 million cash and $72.5 million non-cash components, must be approved by the United States District Court for the Eastern District of Missouri before taking effect. The class action settlement agreement includes purchasers and holders of any preferred fund family from Jan. 1, 1999, through Dec. 31, 2004. The suits were filed more than two-and-a-half years ago in connection with the firm's revenue sharing arrangements and sales practices. The plaintiffs alleged that Edward Jones failed to adequately disclose details of the agreements, a claim the firm disputed. The class action settlement agreement calls for $72.5 million to be allocated over a three-year period to current Edward Jones clients in the form of vouchers. Another $55 million cash payment will cover the plaintiffs' legal fees and compensation for former Edward Jones clients. The distribution plan details will be part of the final agreement, expected to be presented to the court in September.
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