Four Edward Jones customers are suing the Des Peres-based investment advisory for allegedly forcing brokers to push fee-based accounts to clients.
The suit, filed March 30 in an Eastern District of California, alleges “a reverse churning scheme” by Edward Jones that sought to shift longstanding clients from commission-based accounts to fee-based ones.
Between 2013 and 2018, the suit alleges, Edward Jones made misleading statements to clients, in breach of its fiduciary duty.
The suit names Edward Jones, along with several executives and subsidiaries, as defendants.
Read more: St. Louis Post-Dispatch