FYI: A lawsuit against Edward Jones has been revived, claiming the brokerage firm steered clients into fee-based accounts in a “reverse churning scheme.”
Clients of Edward Jones, a privately held broker-dealer and advisory firm, filed a class-action suit against the company in 2018, claiming the firm improperly put customers into fee-based accounts from commission-based brokerage accounts. Edward Jones denied the claims and the lawsuit was dismissed by a federal judge in early July 2019. The judge ruled that Edward Jones adequately disclosed the differences between fee-based and brokerage accounts, including information that explicitly said that fee-based accounts can be more expensive.
Regards,
Ted
https://www.barrons.com/articles/edward-jones-lawsuit-revived-51565191806?mod=djem_b_Weekly barrons_daily_newsletter
