JONES Writes me a Check for $20,000!
I just received an email from the Class Action Attorney for the unlawful employee contract that EDJ implemented while I worked for them. I have exerpted some of the email they sent me below:
"...It is estimated to be $375 per month, but that is only an estimate. The class period, which is between October 20, 2001 and February 1, 2008 (for a month to be counted, worked at least 15 days during that month).
#000080; FONT-FAMILY: Arial">I just wanted to let you know that the claims administrator mailed the class notices to all class members this week you should be receiving it this week or next!"
#000080; FONT-FAMILY: Arial">
#000080; FONT-FAMILY: Arial">For those of you interested, I thought you might be a little excited about getting another check from the St. Louis Arch!
You should be receiving a letter in the mail from the Third Party Adminstrator next week. If you don't, send me a PM and I will forward the attorney info for you. If you google the Thill vs Edward Jones lawsuit you should get info on the attorney that handled the Class Action.
Expect it to be done by summer. Probably July. Judge has to sign off sometime in June. California reps will reap more. 21M split between approx 1000 reps. Some will opt out, but will have to take Jones to court and then prove the hours not compensated. Most will take it and run to the bank. Consider it a payment for all the volunteer hours they expected you to do in order to reap the precious benefits of LP!
I hope we actually do get a check near the estimated amount. I was there from 1-2000 to 1-2007, so even 300 per month for the qualifying time period would be a worthwhile amount. I hope they now realize the "free" labor such as mentoring etc. is not free. If they want trainers etc., pay for them like all other sales organizations.
So EDJ did not write you a check for $20m, you just figure $375/mo for the time frame listed will = $20m? If this is the case, wait until the lawyers get their fee, your share might buy a decent TV
Oh contrare Bluetang...
I just emailed the attorney. Can't wait for my claim check. Now I'm getting two checks including the Banc of America claim check about 10k!
is this just for california edj employees/past employees? after skimming through the docments that's what it appeared as.
I was a transfer IR at Jones from 2003-2006 not in California. Do I qualify?
What was your reason for leaving so soon, and where are you now?
It's been my experience that the transfer brokers at Jones usually do very well.
Yep. Got mine today. Supposedly payouts begin at the end of June. I calculate 22K before legal fees. I imagine Uncle gets a cut too.
If I correctly understood some of the posts, only California reps were involved in the class action. Does anyone know why that is the case?
My understanding is that California reps split 21M and the rest of the nation splits 19M.
I did do very well at jones. Won trips, made 100% of the initial back end deal, constant top 10 regional production, etc.
I prefer to think of this gift as a payback for all of that volunteerism I did over 8 1/2 years. BTW, I was wrong on earlier post. It's 22K after legal fees but before Uncle. I have been told that some of the settlement is tax free (punitive damages). The taxable part Jones apparently has been instructed by the courts to use the withholding rates when we were employed at Jones. I hope its the withholding rate on income and not those trips (I recall 50% tax withholding).
Whatever it amounts to, although I disagree with the premise of the suit, its karma.