{"id":6071,"date":"2016-11-21T18:29:45","date_gmt":"2016-11-22T00:29:45","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1243"},"modified":"2021-11-12T13:08:39","modified_gmt":"2021-11-12T19:08:39","slug":"edward-jones-sued-401k-excessive-fees","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/edward-jones-sued-401k-excessive-fees\/","title":{"rendered":"Edward Jones is Sued Over 401(K) Excessive Fees\u2014Again"},"content":{"rendered":"

\t\t\t\tAnother group of plaintiffs is suing Edward Jones<\/a>, accusing the firm of charging excessive fees and self-dealing in its 401(K) Plan. In the complaint, the brokerage firm and a number of its employees, including managing partner James Weddle and financial adviser Brett Bayston, are accused of breach of fiduciary duty related to their decision to choose costlier mutual funds when there were less expensive, equivalent funds available. Edwards Jones and its employees are also accused of choosing an \u201cunreasonable\u201d amount of risky investment choices and engaging in self-dealing.<\/p>\n

The purported self-dealing allegedly occurred through its distribution deals with a number of fund companies, including Franklin Templeton Investments, American Funds, BlackRock (BLK), and Goldman Sachs (GS). The plaintiffs claim that the fund companies paid Edward Jones revenue-sharing fees for access to its \u201ccaptive market,\u201d which included 401(K) participants, and \u201cshelf space\u201d in its brokerage business that\u00a0targeted\u00a0retail investors. As part of the distribution relationship, Edward Jones offered the fund companies\u2019 investment options in its Edward D. Jones & Co. Profit Sharing and 401(K) Plan.<\/p>\n

The plaintiffs believe that these distribution relationships affected the decisions made by the fiduciaries and ended up costing participants millions of dollars in excessive fees. An Edward Jones spokesperson says that the allegations are false and that the broker-dealer would mount a \u201cvigorous defense.\u201d<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Another group of plaintiffs is suing Edward Jones, accusing the firm of charging excessive fees and self-dealing in its 401(K) Plan. In the complaint, the brokerage firm and a number of its employees, including managing partner James Weddle and financial adviser Brett Bayston, are accused of breach of fiduciary duty related to their decision to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3740],"tags":[3581,3481,3720],"class_list":["post-6071","post","type-post","status-publish","format-standard","hentry","category-miscellaneous","tag-401k-lawsuit","tag-edward-jones","tag-excessive-fees"],"yoast_head":"\nEdward Jones is Sued Over 401(K) Excessive Fees\u2014Again — Investor Lawyers Blog — November 21, 2016<\/title>\n<meta name=\"description\" content=\"Another group of plaintiffs is suing Edward Jones, accusing the firm of charging excessive fees and self-dealing in its 401(K) Plan. 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In the complaint, the — November 21, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Edward Jones is Sued Over 401(K) Excessive Fees\u2014Again — Investor Lawyers Blog — November 21, 2016","description":"Another group of plaintiffs is suing Edward Jones, accusing the firm of charging excessive fees and self-dealing in its 401(K) Plan. 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