Edward Jones, Workers Settle 401(k) Spat for $3.175M

Dec. 12, 2018, 3:01 PM

Edward D. Jones & Co. LP and its workers agreed to a $3.175 million settlement in a proposed class action challenging the affiliated mutual funds in the company’s 401(k) plan.

The Dec. 11 deal would resolve allegations that the investment company filled its employees’ retirement plan with funds managed by the company’s “partners.” These funds allegedly carried high fees that ultimately benefited Edward Jones and its business relationships at the expense of workers’ retirement savings.

The deal is expected to benefit about 35,000 investors in Edward Jones’s 401(k) plan. The $3.175 million settlement figure represents about 7 percent of the ...

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