Edward Jones to Pay $75M for Not Disclosing Payments

Hume, Lynn
December 2004
Bond Buyer;12/23/2004, Vol. 350 Issue 32036, p5
Trade Publication
The article focuses on the announcement related to Edward Jones Ltd. which will pay $75 million in civil penalties and disgorgement. According to the U.S. Securities and Exchange Commission and other federal regulators this amount is to settle charges that it failed to adequately disclose revenue sharing payments it received from certain mutual fund families in return for recommending their municipal bond and other funds to customers. The announcement came after California Attorney General Bill Lockyer sued the Saint Louis-based brokerage firm, charging it failed to tell customers that it received $300 million from the fund companies for promoting their funds.


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