Edward Jones Hit With Class Action Over Its 401(k) Plan Fees

Edward D. Jones & Co. is the latest financial services firm accused of breaching its ERISA fiduciary duties by using its employees’ 401(k) plan assets for its own benefit and paying excessive fees to Mercer HR Services Inc. (McDonald v. Edward D. Jones & Co., L.P., E.D. Mo., 4:16-cv-01346, complaint filed 8/19/16).

The proposed class action, filed Aug. 19 in the U.S. District Court for the Eastern District of Missouri, alleges that Edward Jones forced the plan into investments that charged excessive fees for the benefit of the firm’s mutual fund partners. As a result, ...