St. Louis-based financial services firm Edward Jones has been ordered by a federal judge to pay a $34 million settlement for bias claims by Black financial advisers, Reuters first reported.
The firm is known for serving individual investors and boasts more than 19,000 financial advisers. This settlement comes after Stowell & Friedman filed a class-action lawsuit in 2018 on behalf of roughly 800 Black financial advisers. The official complaint was “race discrimination,” states a court filing that names Wayne Bland as the main plaintiff in the class action case.
The Black financial advisers accused Edward Jones of assigning them to less lucrative work, denying them working with certain high-level client accounts, and depriving them of advancement opportunities.