Edward Jones Expects $50 Million in Costs
Edward Jones & Co. said Monday that it expected to have $50 million in costs in the fourth quarter after agreeing to the largest settlement imposed by regulators for so-called revenue-sharing agreements.
The closely held brokerage partnership anticipates drawing about $25 million of the costs against legal reserves, according to a Securities and Exchange Commission filing. On Wednesday, the St. Louis-based firm agreed to pay $75 million to resolve allegations that it had hidden agreements to market the products of certain mutual fund companies.
The firm neither admitted nor denied wrongdoing in the settlement with the SEC and other regulators.
California Atty. Gen. Bill Lockyer has sued Edward Jones over the payments, saying that the regulators’ $75-million deal was too small and that he wasn’t joining in the accord.
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