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Edward Jones To Pay $127.5 Million to Settle Mutual Fund Deception Class Action
Edward Jones has agreed to pay $55 million in cash and $72.5 million in non-cash components to its customers whom the firm misled by not informing them that some mutual funds paid Edward Jones to promote its mutual funds over other mutual funds.
That conflict of interest allowed Edward Jones to reap $375 million in "revenue-sharing" payments from 1999 through 2004.
Source: Wall Street Journal, September 1, 2006
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