Edward Jones 401K Settlement

The Court approved the Settlement on April 22, 2019. However, one Class Member filed an appeal to the Eighth Circuit Court of Appeals. Distributions to the Class cannot be made until that appeal is resolved. A copy of the class member's objection and notice of appeal can be found in the Case Documents section of this website. This website will be updated once the appeal is resolved.

PROPOSED CLASS ACTION SETTLEMENT

A federal court has authorized this Notice.  This is not a solicitation from a lawyer.

PLEASE READ THIS NOTICE CAREFULLY AS IT MAY AFFECT YOUR RIGHTS.

Please be advised that to clarify the Initial Notice you received on January 17, 2019, the correct phone number to call with any inquiries regarding this Settlement is 1-866-455-3740. You can also send inquiries to info@edwardjones401ksettlement.com. 

If you were a participant in the Edward D. Jones & Co. Profit Sharing and 401(k) Plan (“the Plan”) who maintained a balance of any amount in the Plan at any point during the period from January 1, 2010 to December 13, 2018. As such, your rights may be affected by a proposed settlement of this class action lawsuit (the “Settlement”).  Please read the Notice carefully to find out what the lawsuit is about, what the terms of the proposed Settlement are, what rights you have to object to the proposed Settlement agreement if you disagree with its terms, and what deadlines apply.

You do not need to do anything to be a part of this Class or, if the Settlement is approved, to receive your share of the distribution. If you still have your savings in the Plan, your distribution will be made directly into your Plan account. If you have left the Plan, a check will be mailed to you. 

This class action lawsuit was filed on August 19, 2016, on behalf of certain Plan participants.  Valeska Schultz, Melanie Waugh and Rosalind Staley (referred to as “Plaintiffs” or “Class Representatives”) are the named plaintiffs and the representatives on behalf of all members of the Settlement Class in the lawsuit. 

Plaintiffs sued Edward D. Jones & Co., L.P., The Jones Financial Companies, L.L.L.P., the Edward Jones Investment and Education Committee, the Edward Jones Profit Sharing and 401(k) Administrative Committee and members of those committees (together, “Defendants”). The lawsuit involves claims that Defendants violated the federal Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1104(a), by choosing investment funds that the Plan offered based on whether Edward Jones had a corporate relationship with the fund’s provider, not whether the fund was a prudent investment option.  Plaintiffs allege that the Plan selected investment options that consisted predominantly of mutual funds managed by “partners” and “preferred partners” of Edward Jones — investment management companies that worked closely with Edward Jones brokers and agents and paid revenue sharing to Edward Jones based on Edward Jones marketing their funds to Edward Jones clients.  Plaintiffs allege there were superior, less expensive investment options available that Defendants should have chosen for the Plan.  Plaintiffs also allege that Defendants caused Plan participants to pay excessive recordkeeping fees. 

Defendants deny all allegations of wrongdoing, fault, liability or damage to the Plaintiffs and the class, deny that they have engaged in any wrongdoing or violation of law or breach of duty, or acted in any way that was not in the best interest of the Plan, and believe they acted properly at all times.  

Deadline
Objection filing Deadline April 03, 2019 
Notice of Intent to Appeal filing Deadline April 03, 2019
Fairness Hearing April 18, 2019