Clients Win Cert. In Raymond James Secret Commission Suit

Law360 (October 22, 2018, 10:29 PM EDT) -- A federal Florida judge on Monday certified a class of nearly 59,000 Raymond James customers in litigation accusing the financial services firm of charging unauthorized commissions via a padded “processing fee,” rejecting the company’s argument that class members couldn’t be ascertained without transaction-by-transaction account reviews.

In his ruling, U.S. District Court Judge William P. Dimitrouleas noted that the contention from Raymond James & Associates Inc. stems from the fact that not all of the class members paid all or part of the processing fee at issue since some financial advisers agreed to absorb that charge. So, the judge took the advice...

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