Case Page

 

Case Status:    ONGOING    
On or around 03/30/2018 (Ongoing date of last review)

Filing Date: March 30, 2018

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.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market:
Market Status:

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. California
DOCKET #: 18-AT-00404
JUDGE:
DATE FILED: 03/30/2018
CLASS PERIOD START: 03/30/2013
CLASS PERIOD END: 03/30/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Franklin D. Azar & Associates, P.C.
    14426 East Evans Avenue, Franklin D. Azar & Associates, P.C., CO
    303 757-3300 303 759-5203 ·
  2. Garner Law Office
    109 North Marshall Avenue, Garner Law Office, CA 95988
    5309343324 5309342334 ·
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available