Edward Jones Loses Early Bid to Toss 401(k) Fee Class Action

Edward D. Jones & Co. L.P. must defend a proposed class action accusing it of allegedly forcing its employees’ 401(k) plan assets into investments that charged excessive fees for the benefit of the firm’s mutual fund partners (McDonald v. Edward D. Jones & Co., 2017 BL 23357, E.D. Mo., 4:16-cv-01346-RWS, 1/26/17).

Plan participant Charlene F. McDonald, on behalf of the proposed class, alleged sufficient facts against the financial company to survive dismissal, Judge Rodney W. Sippel held Jan. 26. Sippel said Edward Jones’ act of offering an array ...