Edward Jones Settles Mutual Fund Suit For $7.5M

Law360, New York (September 9, 2008, 12:00 AM EDT) -- Financial services firm Edward D. Jones & Co. LP has agreed to pay $7.5 million to settle a lawsuit filed by the state of California alleging securities fraud related to mutual fund revenue-sharing practices, the company said Monday.

The suit, brought in the Superior Court of the State of California, had closely resembled allegations put to rest by a comprehensive settlement the firm made with federal regulators in 2004, the firm said. Under the latest settlement, Edward Jones neither admits or denies liability.

“We are pleased...
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