Edward D. Jones & Co. received final court approval for a $3.175 million settlement with employees who challenged the affiliated mutual funds in the company’s 401(k) plan.
The deal resolves allegations that the investment company filled its employees’ retirement plan with funds managed by affiliated entities. Employees claimed these funds carried high fees that ultimately benefited Edward Jones and its business relationships at the expense of their retirement savings.
The deal is expected to benefit about 35,000 investors in Edward Jones’s 401(k) plan.
The final approval order was signed April 22 by Judge John A. Ross of the U.S. District ...