200M and counting. Today Weddle announced that the firm has settled the revenue sharing class suit. 127.5M .
Interestingly the bonus bracket remained the same as has been stated in the past memos from Jim at 35%. I wondered why they were making the LP offer with this issue still pending. Maybe we know why they are making the offer, to replenish the coffers. Who knows if this is the end, but it is clear that some paying clients do not like this practice.
I hope this is a lesson to the big firms out there that think its business as usual as long as they pay and admit no wrongdoing. I challenge anyone to tell me this is good for our industry image. It sucks and EDJ deserves to pay for their greed.
And in Edward Jones eyes there is only one client. The owners. Bring it on NASD. I can't wait to read your response.
I wish I was involved in that class action! I can't wait to hear how Jones is telling the IR how to spin it to the clients.
Just Google Edward Jones and you will find it all over the net. I want to know what non-cash vouchers are.