Edward Jones "Credit Vouchers"

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Apr 5, 2007 12:38 am

Got our Class Action settlement notice from EJ today. Looks like if you are a current client , you going to get your award in the form of a "Credit Voucher" to use over the next 3 years...kinda like one of those gift cards that you can buy a "free" 30 year bond with ( limited to one per year of course !!) Client can use 1/3 of voucher per year.Former clients get cash.

Apr 5, 2007 2:17 am

Thanks for the update...I have had several calls from clients about what are they supposed to do.  I can tell them they are going to get a check...

Apr 5, 2007 7:16 am

That's a 'proposed settlement', and it's to go before the court in July of this

year.

Apr 5, 2007 10:03 am

I have the paper work (as an ex Jones client as well as ex Jones rep)and the only people who are making out on this deal are the lawyers.  I'll look it up, but I believe the average award for clients is estimated to be about 25$, while the attornies are getting millions.


Spike, tell your clients not to spend it all in one place    Have two cups of coffee in two locations.

Apr 5, 2007 10:45 am

Babs, you are correct.  As in most class action suits, the attorneys make out the best.  Oh well, for those of us that are ex Jones reps it has been fun answering my client's questions about the suit.  It will be especially fun for us FAs to receive a check from them!

Apr 5, 2007 12:32 pm
Gone Indy:

Babs, you are correct.  As in most class action suits, the attorneys make out the best.  Oh well, for those of us that are ex Jones reps it has been fun answering my client's questions about the suit.  It will be especially fun for us FAs to receive a check from them!



Well, don't get too excited.  Summary notice says: Plaintiff estimate that the recover per Class Member is approx $19.86 per customer in credit vouchers and $17.99 per former customer in cash.  Woo Hoo!!!


The attorneys are asking for $712,000 if fees and expenses.  Buried further down in the brochure is this:


The attorneys can apply for further compensation for administering the settlement.. " It is anticipated that the initial distribution to the former customers will use approximately $26.3 million, leaving $28.7 million plus interest available for payment of attorney's fees and expenses (0r about 22.5% of the total face value of the cash and credit voucher benefits achieved."    Anything unclaimed will go to the attorneys and if anything is still left it goes to charity.  HA!!

Apr 5, 2007 2:07 pm

I knew I should have gone to law school.

Apr 5, 2007 6:32 pm

I have it on my desk to review for a client...I did not get one in the mail as a former client. I thought maybe we employees were exempt.


Do they need to submit anything for the settlement or will the check just come?


I agree there is a bit of humor in responding to these.

Apr 5, 2007 8:35 pm

do nothing and the check will come.

Apr 6, 2007 1:22 pm

I saw the $17.99 letter...what a joke.  Spitzer's movement is really helping the consumer, isn't it?!!

Apr 6, 2007 1:29 pm

Well, Spitzer got what HE wanted, didn't he?  Next stop: the Oval Office.

Apr 6, 2007 10:39 pm

I'll be getting some checks and I started the whole Rev. Sharing problem for EJ!!!  How sweet is that?

Apr 7, 2007 9:38 am
uwec86:

I'll be getting some checks and I started the whole Rev. Sharing problem for EJ!!!  How sweet is that?


Yea,yea we know, whatcha been doing the last three years?

Apr 8, 2007 6:02 pm

Basking in my $202 mil. worth of glory!

Apr 9, 2007 11:32 am

That's just sad.  The glory and your $20 bucks worth of vouchers won't buy you a decent dinner.   

Apr 9, 2007 12:00 pm

You should take your EDJ winnings and make a down payment on a winter place down south...you'll freeze your cajones off in Eau Claire...

Apr 9, 2007 5:17 pm

Space,


Get a sense of humor bro.  The bottom line is, Jones lied and now they are going to pay ($202 mil)...I just helped speed up the process.


Indy,


Left Eau Claire in 1986 for the warmth of FL...it's just too darn cold up there but I might get a summer place (the two weeks it lasts) in Butternut, WI.

Apr 9, 2007 5:24 pm

I'm glad to see you already took care of that.  Yeah, that's the flip side...summers are beautiful up there.  I go through Eau Claire when I go fishing in Canada...fond memories...

Apr 9, 2007 8:06 pm
Indyone:

I'm glad to see you already took care of that.  Yeah, that's the flip side...summers are beautiful up there.  I go through Eau Claire when I go fishing in Canada...fond memories...



Where and when do go fishin' in kanada??