Edward Jones & Co has agreed to pay $7.5 million to settle a suit filed by the state. The suit accused the financial services company of not disclosing its relationship with mutual fund companies. The relationship reportedly allowed Edward Jones to be paid when referring a consumer to those companies.
The financial services company had settled similar charges at the federal level in 2004 and paid $75 million in fines and penalties. California’s suit was independent of the 2004 federal case.
Posted under Finance
This post was written by C.J. Graham on September 14, 2008
