Edward Jones Settlement Checks
I was on the phone with another ex-Edward Jones advisor yesterday and he asked me about the class-action lawsuit. I told him I had called the 800 number listed on the participation form to confirm my enrollment in the suit around the 1st of January, at that point they told me they were in a mandatory 60 day waiting period, so I encouraged him to call to confirm his participation and to see if there was any more updated news. He called me back and after confirming his participation the customer service associate who helped him told him that the checks would be mailed out on February 28th. She also told him the monthly amount would be listed on a web-site on February 28th so everyone will be able to calculate how much they will be getting in the settlement.
LapideDoes anyone know if their estimate on the paperwork had any merit? I wasn’t sure if reading between the lines they were doing an example, but it was really what they were anticipating the per month share to be.
Is there a website that has the information?
What is the 800 number. I have misplaced my sheet that I sent in and I want to confirm they have received it. Thanks.
I want my 2 dollars
Depending on how much time you spent in that low-rent excuse for a brokerage firm, the check could be well more than $1000. If too many of the current brokers did not submit a claim out of fear of retribution, then it might be more than $2500.I want my 2 dollars
They should pay up, they made us work the 4th of July, doing some stupid project about the history of EDJ. I wish I had my red boxing gloves to punch them out then!!! They put the fear of God or Ted in you if you reported your actual hours worked.(funny they never said anything) I did that for the first few weeks, then screw them I put my actual hours worked. I know of many who are sooooooo afraid of claiming their money, that is more for me!! I was in one of the classes where they cut it down to 6 weeks to study for the 7, just to read and do the test it took more then 8 hours…
Ahhh...a fellow member of the "pilot program." I'll never forget the first group phone call where they told us they were going to experiment to see what would happen if they reduced the number of weeks we studied but increased the number of hours we studied per day. It didn't take them long to go back to the original schedule after they got the results for the first couple of groups they tried that on.They should pay up, they made us work the 4th of July, doing some stupid project about the history of EDJ. I wish I had my red boxing gloves to punch them out then!!! They put the fear of God or Ted in you if you reported your actual hours worked.(funny they never said anything) I did that for the first few weeks, then screw them I put my actual hours worked. I know of many who are sooooooo afraid of claiming their money, that is more for me!! I was in one of the classes where they cut it down to 6 weeks to study for the 7, just to read and do the test it took more then 8 hours…
That really should have been my first clue, that they where idiots to work with. No business sense at all. I told every one in the interview process I had an anniversary trip planned. They "let" me go with words of wisdom that I should enjoy myself it would be last vacation I could afford for a long time. They made me do all the work the week I was gone and also made me make up the 125 contact for the week I was gone. BUT I was never paid....well I signed up for the settlement I think I earned it..gotta love Jones
Did they ever get Email? Still have the “bond aggregate Rule”? 30% payout? Saturday promotions?
[quote=outofjail]Did they ever get Email? Yes. But don’t use it too much or your FSD will tell you to cut back.
Still have the "bond aggregate Rule"? It's alive and well. 30% payout? 39% Saturday promotions? You'd better believe it! [/quote]What about SHAMROCK SATURDAY, RECRUIT FOR A FRUIT?
THERE IS A WIND STORM COMING THROUGH THE MIDWEST, I HOPE TO HELL IT DOESNT KNOCK OUT THAT STATE OF THE ART SATELITE SYSTEM ESPECIALLY WHEN YOUR IN THE MIDDLE OF YOU 25 CONTACTS!!!
The case is Weaver v Edward Jones. You can call to check if your "consent to join form" was received in good order at 1-888-356-0158. As of today they have no idea when the checks will be sent. The 60 day appeals period does not expire until early March.What is the 800 number. I have misplaced my sheet that I sent in and I want to confirm they have received it. Thanks.
Still have the “bond aggregate Rule”? can someone explain that one to me?thanks
yes yes yes…they have a tues, thurs and sat promo’s. sometimes (like lately) when things are really bad Jim W. works…it is soooooooooo exciting, if you work, he may call your office or he might answer if you call stl on saturday. It is sooooooooo exciting I can hardly sleep on Friday when JW is working on Saturday’s promo. gotta love Jones
I called the settlement administrator this afternoon (thanks for providing the number!) to check the status of my paperwork and was told checks are going start being mailed on Thursday, February 26. I told the lady I spoke with that I thought it would be March and/or April, and she said “no, everything was settled in January.”
oh no…we will miss our commision free day on the 19th? so sad!!
I called the 800 number on my claim form and talked to the company that sued Jones. They informed me that there is a 60 day grace period in which Jones is allowed to file an appeal from when the claim is settled, which was Jan 5. This means that the earliest a check could go out would be March 5. They also informed me that if Jones appeals, it could be months or even years before the checks go out. Might not want to schedule that cruise just yet.
If I remember correctly, it's like breakpoints for bonds isn't it?Still have the “bond aggregate Rule”? can someone explain that one to me?thanks
After reading the last post, I called the settlement administrator phone number again to get some clarification since we all seem to be getting told different things. Yes, EJ has 60 days from January 5 to dispute the settlement. Wil they, I seriously doubt it. One hurdle gone…
Could a member of the class file a dispute to the settlement? Possibly and if so, they will delay the payout. The administrator is planning on beginning January 26 issuing the checks. Right now I was told they are on target. Could it change? Yes, but I hope not. That is why we seem to be getting different information. January 26 is the planning beginning day, but yes, it could change.[quote=mydogisgoldie]After reading the last post, I called the settlement administrator phone number again to get some clarification since we all seem to be getting told different things. Yes, EJ has 60 days from January 5 to dispute the settlement. Wil they, I seriously doubt it. One hurdle gone…
Could a member of the class file a dispute to the settlement? Possibly and if so, they will delay the payout. The administrator is planning on beginning January 26 issuing the checks. Right now I was told they are on target. Could it change? Yes, but I hope not. That is why we seem to be getting different information. January 26 is the planning beginning day, but yes, it could change.[/quote] January 26 of what year, goldie?Also, my understanding is that the amount of the check has nothing to do with the number of people participating. There is a set formula based on your time at Jones during the period in question, and that is it.
[quote=mydogisgoldie]After reading the last post, I called the settlement administrator phone number again to get some clarification since we all seem to be getting told different things. Yes, EJ has 60 days from January 5 to dispute the settlement. Wil they, I seriously doubt it. One hurdle gone…
Could a member of the class file a dispute to the settlement? Possibly and if so, they will delay the payout. The administrator is planning on beginning January 26 issuing the checks. Right now I was told they are on target. Could it change? Yes, but I hope not. That is why we seem to be getting different information. January 26 is the planning beginning day, but yes, it could change.[/quote] If Jones has 60 days from January 5 to dispute the settlement, how on earth could they start issuing checks on January 26? What would happen if on the 55th day they decided to dispute it? This is kind of like calling in to the home office when you have a question. You better call back two or three times until you are sure you get something close to the right answer.I think he meant Feb 26.
Sorry everyone, I did mean February. Thanks Bull&Bear for catching the mistake without making some sarcastic comment.
I called the 800 number on 2/20/09. They still could not give a per month dollar amount for the settlement, even though checks are going out on Feb 26th. I asked if they would be able to give out the Per month amount on the 26th, but the rep couldn’t answer that question…told me to call back after the 26th and ask again.
This rep made it sound like ALL checks were going out on Feb 26th, but I would assume that is the day they start mailing checks.Thanks for the update Jones99. I wish they would give a dollar amount though. I was laid off from ML yesterday as a CA and I can use the money.
I was told the amount per month is $38. Maximum number of months is 55. I was also told that check were being mailed on the 26th of February. Maximum take is $2090.
Any more updates ( what is the phone number)
I have my frame ready, but it looks wierd with nothing in it.Someone clarify something for me. Are they doing a ck a month or a one time lump sum?
I don’t know if you are referring to the Ellis vs. EDJ case, but I inquired with the attorney today via email and was informed that if I were included in the action, I would have been notified by now. If it is the same case, none of this makes sense because I did submit the paper work that was sent many months ago, and apparently none of us have been notified.
I thought the paperwork they sent months and months ago WAS the notification.
I did too. It does not make sense to me. If you were there during the dates involved, you should be part of the acion provided you returned the forms.
If you filled out the forms and mailed them in, you are a part of the class action. That was your notification. As in any class action, the only thing you hear next is if something changed with the case or you receive a check or whatever the settlement was. Go back to the beginning of this series and call the 800 number. They will tell you if they have your paperwork.
well, i took your advise and called that number. they had all my info and everything on hand and then told me that i am not involved because i did not have my signature notorized. i’m pissed. they claimed they sent me out a new form to sign and get notorized, but i never received it. anyone have any advise?
Checks being mailed today… estimate came down from $38/month to $27.67/month…
I can’t wait, I’m going to go out and stimulate this economy.
"Hey everybody, we're all gonna get laid"I am framing mine… already have the frame…
The $27.67/month is AFTER they have withheld taxes. Part of the money is considered wages (thus the withholding), but part of it is penalties, which are not taxed. I believe checks are being mailed from Minnesota.Checks being mailed today… estimate came down from $38/month to $27.67/month…
So it’s $27.67/month for how many months? I need to know if I can afford one bottle of Grey Goose or a case of the delicious nectar.
Did you even read your notice?!?!? It stated the number of months that EJ said you worked for them. There was also a section where you could dispute the number of months if you disagreed and provide proof.
Why the hell would I read the notice. Class action lawsuit, sign it and get ready to live. BTW mr. 9 posts you could have just said:
"It stated the number of months that EJ said you worked for them. There was also a section where you could dispute the number of months if you disagreed and provide proof". Didn't have to go the A-HOLE route. Funny how people communicate with others on a forum, never the way you'd talk to someone face to face. Not if you didn't want your a** kicked!Mine arrived today. $758 after withholding. I was there until about 6 months before the settlement period ended I think.
Oh, so sorry I actually would have said the same thing to you face to face.
got mine today. about 500 after taxes.
I also talked with a ex-Jones buddy today. He got his and it was $758.90 He left Jones in Jan 2008.
Got mine today … $788.52 gross / $492.43 net. What gives? I was there for the full 55 month period…
You must not have worked overtime each and every month!Got mine today … $788.52 gross / $492.43 net. What gives? I was there for the full 55 month period…
My mistake - Got another check in the mail today from the Administrator for $788.52. The first check was from Jones and was the wages portion. The new check is for damages, and is the same gross amount as the check from Jones, only with no withholding.
Quite a bit less than the $2k that they were originally throwing out to everyone. But, still better than a sharp stick in the eye.
So there are two checks???
I received my check today. The total was 1162.03. 50% percent penalties, and 50% wages. Taxes were withheld on wages leaving a net of 940.03. This was all on one check from the administrator.
Mine came in 2 checks - one from Jones with taxes withheld (even came with a normal-looking paystub), and one came from the administrator (same gross amount as the Jones check, but no taxes withheld). The one from the administrator came with a 1099 misc. I wonder why mine came in 2 checks, while others came in one??
BTW, I've been with Jones for over 10 years. I know of several FA's who didn't want to take the check - not out of fear of retribution, but out of "loyalty" to the firm.I understand loyalty, but I earned about one dollar for every 100 steps I took doorknocking. :0)
I am wondering if 2 checks come to those still with Jones and the single checks from the law firm go to those that left. I’m only basing that on myself and a few friends, so far that rule applies.
Any exceptions?
Or even better, does anyone know the actual reasoning behind it?
I’m only curious to know if I should expect another check.
I bet it those that still work for EJ will get two checks. I received one check and my friend who also used to work there received only one. The earlier post about the monthly amount was wrong. The $27.64 (or whatever the cents part was) is the gross figure before taxes.
Sorry, I meant...I bet the separate checks are for those that still work for EJ.I bet it those that still work for EJ will get two checks. I received one check and my friend who also used to work there received only one. The earlier post about the monthly amount was wrong. The $27.64 (or whatever the cents part was) is the gross figure before taxes.
From what I’ve heard, you seem correct…two checks for current employees and one for formers.
ours came yesterday as well. "ours" meaning mine and my significant others (female). as formers we got one check each for the same amounts $1200 gross, $1000.62 net.
$2000 for the household.Two checks for those that work there. Hmmmm...could they be keeping tabs on their current employees?
I'm a former and I received my checks (plural) yesterday. I was part of the settlement period for 53 months so one check was for $700 and change and the other check, where they withheld the taxes, was for approximately $450.
You guys all need to watch the movie "Conspiracy Theory", you are all starting to sound a little too much like Mel Gibson's character in the movie.Lapide
Actually one of Mel’s worst movies. But I’ll agree I get a little conspiracy theorist at times. You know we’ve never been back to the moon!
Woohoo! I got mine yesterday, too. I took my family out to dinner and almost used the whole amount.
Does the amount vary?
I got a check for $691.42. I didn’t really know what to expect. How much are we supposed to receive?
Today’s my anniversary, and I figured I’d take my wife out somewhere nice, but if there’s another one coming, maybe I’ll get a little something extra.
Happy Anniversary!
The amount varies by the amount of time you were at (participated) Edward Jones. The maximum amount of months you could participate in the settlement was 55 months. The maximum amount you would be paid out per month was $27.67. Half of the amount awarded was considered “damages” and the other half was considered lost wages.
LapideAs stated, it looks like Jonesers get 2 checks; one for the liquidation part of the settlement issued by the administrator........and the second sent out by Jones for the wages part. When I was at EJ, I thought all info sent in was anonymous....wrong! From what I hear, take a look at your personal info on Jonesnet. The wages check is reflected on your income. So much for getting in anonymously......everybody's pegged now. Good Luck
what was the date range? from 2003 to 2007? I got mine notarized but have no check- are they all out?
Always remember, there is no such thing as anonymous at EDJ, big brother IS watching! That is a fact.
Couldn't have come at a better time!
what was the date range? from 2003 to 2007? I got mine notarized but have no check- are they all out?
if you were a GP, your check is significantly reduced. SIGNIFICANTLY, most likely b/c of the partnership you held.
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