Raymond James Can't Ditch Secret Commission Class Action
Law360 (October 10, 2018, 6:54 PM EDT) -- A Florida federal judge denied Raymond James’ bid to toss a putative class action alleging the financial services company charges unauthorized commissions via a “processing fee,” rejecting the company's argument that the payments are unrecoverable because they were made voluntarily.
In a 17-page order released Tuesday, U.S. District Judge William P. Dimitrouleas denied Raymond James & Associates Inc.’s motion for summary judgment in the putative class action filed by plaintiff Jyll Brink, who alleges that RJA is deceiving customers who signed up for commission-free Passport investment accounts by applying processing fees that were much higher than the actual processing costs — making...
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