Brokerage Forks Over $127M In Class Action Settlement

Law360, New York (September 1, 2006, 12:00 AM EDT) -- Brokerage firm Edward D. Jones & Co. will pay $127 million to settle nine class action lawsuits filed against the firm over allegedly questionable revenue-sharing practices.

“Because we do not believe our clients, our associates or our firm would benefit from a prolonged legal battle we've decided to settle the class actions suits,” Edward Jones managing partner James Weddle said in a statement.

The St. Louis-based firm will hand over $55 million in cash and $72.5 million in noncash vouchers over a three-year period.

The cash...
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