Edward Jones is facing a lawsuit claiming excessive fees in its 401(k) plan. It’s similar to a suit filed in August against the St. Louis brokerage.
The new suit, filed Nov. 11 in the U.S. District Court in St. Louis, contends employees overseeing the company’s retirement plan breached their fiduciary duties by selecting high-cost mutual funds when similar lower-cost ones were available, including a poorly performing money market account, and offering an “unreasonable number” of high-risk investment options.
It is also alleged that Edward Jones engaged in self-dealing through a distribution relationship with several fund companies such as American Funds, Franklin Templeton Investments, Goldman Sachs and BlackRock.
St. Louis-based Armstrong Law Firm filed the recent suit, along with Kessler Topaz Meltzer & Check of Radnor, Pennsylvania.
Read more: St. Louis Business Journal