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Civil Plaintiff

Edward Jones to Pay $34 Million in Settlement with Black Financial Advisors

A federal judge in Chicago has approved Edward D. Jones & Co LP’s $34 million settlement of a class action claiming the investment firm gave less lucrative work to Black financial advisors and deprived them of opportunities to advance.

U.S. District Judge Andrea Wood on Monday signed off on the deal, ending a 2018 lawsuit on behalf of at least 800 Black financial advisors (FAs) across the country represented by Stowell & Friedman. Edward Jones, which is represented by Dowd Bennett, denied wrongdoing.

The named plaintiffs had accused Edward Jones of assigning Black advisors to less lucrative territories, excluding them from programs in which FAs were given dedicated offices and were mentored by more senior advisors, and denying them client accounts and resources because of their race.

Read the source article at reuters.com

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