EDJ Overtime Settlement
I just received a "Consent-to-Join" Form for the class action minimum wage, overtime, etc. settlement. I am not in PA, CA, OH, or NY; therefore it says that I am eligible to collect compensation for the time worked for EDJ between 8/16/03 and 5/14/08. I started as a "new-new" with Jones in '99, and I am currently employed with them.
Part of me wants to file for whatever my share is; I only wish that doing so would lessen the attorneys take on this deal (no chance, they get 4.75 mill).
Under II CLASS COUNSEL RECOMMENDS THE SETTLEMENT it states: "The law firms that represent the class recommend that you participate in the Settlement. In part, that is because the claims alleged in the Collective Action are novel and highly technical. For instance, there is no reported court decision that holds that stockbrokers are entitled to overtime pay. To the contrary, at least one US District Court and the US Dept of Labor have concluded that, in some cases, stockbrokers are NOT entitled to overtime pay under federal law. In other words, the claims alleged in the Collective Action are highly uncertain. Furthermore, even if the class obtained a favorable judgment in the US District Court for the Northern District of Ohio, that judgment would likely be tied up for several years on appeal. In light of the substantial risk that the class might not receive anything at all if the Collective Action proceeded to trial, Class Counsel believes that the Settlement is in the best interests of the Collective Action Class."
Sounds like a plea to help THE ATTORNEYS to extort EDJ...
I got it also. I am ignoring it. I don’t have time to worry about that kind of stuff.
After the $4.75 million to attorneys, $120,000 to the “head of the class”, $250,000 to administrators, etc., etc., there is about $13.8 million (give or take) to be shared by the class. If you choose to forego your share, that’s fine–more for me. To build on Babbling Looney’s analogy, if you divorced your now ex-wife, and then a court found that she owed you $5,000, would you take it? Of course you would! I can’t wait for the day to cash that check. I figure my share to be in excess of $2000. Hey, Eddie. Don’t be funny–just give me my money! BTW, Edward Jones sucks really, really hard. They’re about to swalllow, too.
I am with EJ in CA., and the consultant firm emailed me today that checks would be in the mail mid August.Yeah baby! Consider it pay for all those hours volunteering. Yet thats why they cut our payout in Ca. - its just tougher to do biz in this state. See me grin on the way to the bank.
Glad to hear EDJ has to pay up as well. AIG Retirement/Valic just had a similar case settle about 2 months ago in California.
I am not a lawyer, but I was advised to take the check. If you still have “issues” with with EDJ about overtime, salary, commissions, unfair employee practices, etc., usually these types of settlements will not ruin any future case you have against them.
I left Jones a few years ago so I certainly will take the check. If I were still there I would think long and hard about joining the suit. Don’t think for a second that The GPs won’t have a list of current FAs that joined the suit when it comes time for the next LP offering!
[quote=iceco1d]WTF is all of this overtime b.s. about? I agree with Soothsayer’s comparison; if it’s right there in front of your face, you might as well take it…but seriously? What crybaby a-hole started that mess?In other news - B24, WHAT THE F&CK IS WITH YOUR NAME? I swear to god. Leave. Enough with the Broker# names, and then to thief an existing short-hand version? My god. [/quote] I guess my tagline didn't clarify it. I AM Broker24. My profile got all messed up, so instead of trying to fix it, I just set up a new one. Soooooo, B24=Broker24. I can't imagine I would be popular enough on a Broker website for someone to hijack my name....
I’m still trying to figure out what to do on the issue. I haven’t taken the time to read the thing completely. Typically I ignore things like that. I feel a bit guilty taking the money from my own company. But, on the other hand, any dollar a current Jones FA takes is one more dollar that doesn’t go to all of you traitors, turncoats, and dissidents who left EDJ for Indyworld!
[quote=Effay]I am with EJ in CA., and the consultant firm emailed me today that checks would be in the mail mid August.Yeah baby! Consider it pay for all those hours volunteering. Yet thats why they cut our payout in Ca. - its just tougher to do biz in this state. See me grin on the way to the bank.[/quote]
I'm in CA too, but I haven't heard anything from the consulting firm. That would be great news!!
I personally thought the overtime law suit was dumb because we all knew when we got into this buisness that we were not paid hourly on a 9-5 job. However, I'm not about to turn down some extra money
Hey now, that tagline wasn't there when I posted that![/quote] No worries.
I’ve only been with Jones for a few years and I’ve concluded that in order to get ahead you need to look good to the man all of the time. At our regional, I had a conversation with my RL (also a GP) who told me that Jones saw this thing comming a few years ago, but waited for someone to force the issue because money was tight during the correction. He told me that legally Jones can’t hold it over our heads if we take the $$, but he said that it will be common knowledge among the GPs who took the $$ and who didn’t. His wink and nod told me everything I needed to know. I’m hoping to get my first LP and don’t want to end up on somebody’s s**** list. He said that after the attorneys get theirs, it will be nickels and dimes once it is all divided. Definitely not worth it for me.
[quote=jonesin]I’ve only been with Jones for a few years and I’ve concluded that in order to get ahead you need to look good to the man all of the time. At our regional, I had a conversation with my RL (also a GP) who told me that Jones saw this thing comming a few years ago, but waited for someone to force the issue because money was tight during the correction. He told me that legally Jones can’t hold it over our heads if we take the $$, but he said that it will be common knowledge among the GPs who took the $$ and who didn’t. His wink and nod told me everything I needed to know. I’m hoping to get my first LP and don’t want to end up on somebody’s s**** list. He said that after the attorneys get theirs, it will be nickels and dimes once it is all divided. Definitely not worth it for me.[/quote]
That seriously doesn’t make any sense at all. EDJ put $19 million into an account and part of it will be used to pay attorneys and expenses. The remaining money will be divided up by everyone who joined the class action through the mailing they sent out. So EDJ pays $19 million no more no less no matter who joins the class action, so if I’m Weddle I would want my current FAs to join. Might as well have the money go to people who are still with me then people who have moved on.
Of course it makes sense. I’ve got every legal right to the $$ as the next guy. But why would I sabatage my long term goals of LP for what is probably going to be chump change in comparison to LP returns. Besides, I knew what I was getting into when I joined, so it wouldn’t be the right thing for me to take the money. Don’t forget, Jones is being forced to OFFER it to us, not necessarily make sure it ends up in my paycheck. If Jim Weddle wanted me to have the money they would just mail a check. So don’t try to justify in your own mind taking the money because you can justify almost anything if you talked yourself into it. Think about all of those ethics videos they show us every year.
I sent mine in the mail today. Of course the GP’s are aware of who files, it’s just another in a long list of ways to keep the troops in order. I am thankful to be independent.
I, and several others, are current employees of Bank of America. We all happily collected our checks last month (mine was over $13K pre-tax). The amounts we received was higher than what was published in the initial “prospectus” Probably due to the lack of participants.
If I was an EDJ sales rep and wanting to further my career, I would not take the check. Big Brother is watching and the cult only wants the faithful. Why would I promote someone if I thought they were not fully committed to the “Organization”? By taking this check,you fall on the wrong side of the cult thought process…however…if you’re having a hard time making ends meet (ala Spiff), by all means, overnight the letter.
Maxstud is right–the 19 million is already drawing interest–Ed Jones has already paid the 19 million out. Jones is not going to hold this over your heads! If you don’t apply, then I at LPL, Spiffy’s Turncoat (Thank God), will receive part of your share–I appreciate the contribution you and the rest of the Jones FA, who will not apply, will make to my future retirement! Every penny helps!Just to let all of you know--though I left Jones last year--I truely think this lawsuit was BS. We not only knew what we were getting into--we stayed on our own accord. That being said, I will take the check!
I talked to the FA that recruited me (in another region) this morning and he told me that his RL was outright calling brokers in his region and asking them if they are taking the money. If Jones really didn’t care, then why the guilt trip? This just confirms my suspicion. I plan on being at this firm for a long time, so thanks, I’ll pass.