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Multiple gavels The plaintiffs allege Edward Jones used the Labor Department’s fiduciary rule as cover to transition existing clients to advisory accounts that generate more revenue for the firm.

A class action lawsuit filed in a California federal court against Edward Jones alleges the broker-dealer profited from a firm-wide scheme that moved investors of modest means from commission-based brokerage accounts to more expensive fee-based fiduciary accounts.

Nick Thornton

BenefitsPRO

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