{"id":3838,"date":"2019-01-07T22:29:42","date_gmt":"2019-01-08T03:29:42","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3838"},"modified":"2019-01-07T22:29:42","modified_gmt":"2019-01-08T03:29:42","slug":"edward-jones-forks-over-3-million-in-401k-lawsuit","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=3838","title":{"rendered":"Edward Jones Forks over $3 million in 401(k) lawsuit"},"content":{"rendered":"<p><span class=\"s2\">Edward Jones is going to pay $3.2 million to settle a lawsuit alleging they were using investments<\/span><span class=\"s2\">\u00a0in the 401(k) plan to enrich themselves.<\/span><\/p>\n<p><span class=\"s2\">The lawsuit alleged that Edward Jones loaded its 401(<\/span><span class=\"s2\">k)plan<\/span><span class=\"s2\"> with certain investment options in order to further its business ties with those fund companies, instead of prudently selecting other funds that were less expensive.<\/span><\/p>\n<p class=\"s4\"><span class=\"s3\"><span class=\"bumpedFont15\">The lawsuit <\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">alleged <\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">that <\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">many of the mutual funds were managed by the brokerage firm\u2019s \u201cpartners\u201d and \u201cpreferred partners\u201d \u2014 fund managers that worked closely with Edward Jones brokers and agents and paid revenue sharing to the firm based on marketing the funds to Edward Jones clients.<\/span><\/span><\/p>\n<p class=\"s4\"><span class=\"s3\"><span class=\"bumpedFont15\">It seems that <\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">40 of the plan\u2019s 53 investment options are managed by the\u00a0<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">partners or preferred partners<\/span><\/span><span class=\"s3\"><span class=\"bumpedFont15\">.<\/span><\/span><\/p>\n<p class=\"s4\"><span class=\"s3\"><span class=\"bumpedFont15\">Whether the allegations were true or not, Edward Jones decided to settle the case and as I always say, plan sponsors that are in the financial service\/retirement plan business are going to find themselves as targets for ERISA litigators. <\/span><\/span><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Edward Jones is going to pay $3.2 million to settle a lawsuit alleging they were using investments\u00a0in the 401(k) plan to enrich themselves. The lawsuit alleged that Edward Jones loaded its 401(k)plan with certain investment options in order to further &hellip; <a href=\"https:\/\/therosenbaumlawfirm.com\/blog\/?p=3838\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3838"}],"collection":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3838"}],"version-history":[{"count":1,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3838\/revisions"}],"predecessor-version":[{"id":3839,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3838\/revisions\/3839"}],"wp:attachment":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}