The latest Jones class action mailing
Can someone please explain the letter former clients are getting that refers to a $6.75 credit to their future fees in a Jones account, but not a payment if they are former clients? It’s getting to be a pain in the ass at this point, and really is making Jones look bad.
As if any class action settlement makes a company look good.Former clients were supposed to get a check for something like $18 earlier in the year. Current clients get a credit voucher for $6.75 that they can use to pay for things like fees or commissions. They'll get three of them over three years. They can't just call and say I want my $6.75 in a check. So, if you have a client getting a letter that says they have a voucher available, then they probably have an EDJ account open somewhere. If they don't, then they're pretty much out of luck. They can always go back and reopen that account, buy something, redeem the voucher, then close it again. That's the only way they're going to get anything out of the suit.
The way I understand it, “current customer” means “customer as of 8/27/2006”, which was some sort of important date in the lawsuit. I left Jones after that date, as did my clients, and we are all getting the vouchers. And yes, it really does make Jones look bad for those of us who left after that date, and our clients have been given a worthless voucher they will never use.
Many clients who came with me, but still had nothing against Jones, have said something to the effect of, “What kind of crap is this? Just send me a check. Don’t insult me by sending me some voucher I’ll never use. If this is their idea of a settlement, I’m even more glad I left Jones.”
Similar reaction from mine. It had little to nothing to do with why I left, but they sure don’t blame me for bailing…
I agree with you. It sucks to have to be dealing with the questions and processes that we have to use to get those things cashed.I understand why they did it this way. Just think of all the money that clients, both current and former, aren't going to capture because they just don't do anything with the vouchers. And all that money will go right back into the Jones revenue stream. I hope the attorney who set this up for Jones got paid a bunch of money.
I hope the attorney who set this up for Jones got paid with vouchers!(obviously they did not)