Consumer Law
Edward Jones & Co. Financial Advisors Finalize a $34 Million Discrimination Settlement
A federal court recently gave its stamp of approval to a $34 million settlement agreement between Edward Jones & Co. and the company’s Black financial advisors (FAs). The settlement resolves a years-long litigation battle and includes provisions aimed at promoting a more inclusive corporate culture going forward.
The lawsuit, which was first filed in 2018, described “systemic, intentional race discrimination” within the company, leading to the underrepresentation of Black FAs as well as lower pay than their counterparts. According to the plaintiffs’ complaint, only 6 percent of FAs employed by Edward Jones were non-white, lagging well behind the national average of 21 percent. Moreover, the suit alleged that Black FAs who work for Edward Jones are put at a disadvantage compared to their non-Black colleagues.
