Edward D. Jones & Co., L.P. ("Edward Jones"), is a financial services firm headquartered in St. Louis, Missouri, United States. It serves investment clients in the U.S. and Canada, through its branch network of more than 15,000 locations.

Plaintiffs' law firm issued a press release on March 31, 2018, announcing the lawsuit. The Complaint alleges that Edward Jones executed a reverse churning scheme to take advantage of trusting, long-standing clients and unlawfully shift their commission-based accounts to a fee-based program – Edward Jones Advisory Solutions ("Advisory Solutions") or Edward Jones Guided Solutions ("Guided Solutions") (collectively, "Advisory Programs"). In orchestrating this scheme to churn revenue from essentially dead assets, Edward Jones made misleading statements and material omissions to their clients about the amount of fees they would pay after their assets were moved into one of the Advisory Programs and about Edward Jones' preference for investing in proprietary funds only available through Advisory Solutions. In addition, Defendants breached their fiduciary duties because clients who engaged in little to no trading activity paid more in fee-based accounts than they did in commission-based accounts and clients who were invested in a proprietary fund were entitled to know about Defendants' competing interests that caused them to make self-interested investments on their clients' behalf.

On July 25, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on September 24. Defendants filed a Motion to Dismiss the amended Complaint on November 21. On July 9, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Lead Plaintiffs filed a second amended Complaint on July 29, 2019. Defendants filed a Motion to Dismiss the second amended Complaint on August 19. On November 8, the Court granted Defendants' Motion to Dismiss, dismissing the case with prejudice. Plaintiffs filed a notice appealing the Dismissal Order on December 11. On March 4, 2021, the Court of Appeals reversed the decision of the District Court and remanded for further proceedings.

Defendants filed a Motion to Dismiss the second amended Complaint on February 1, 2022. On May 9, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. Lead Plaintiffs filed a third amended Complaint on May 31. The third amended Complaint dropped the federal class action securities claims.