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Edward D. Jones settling suit over 401(k) plan investments

Edward D. Jones & Co. LP will pay $3.2 million to settle a suit alleging that the company breached its fiduciary duties under the Employee Retirement Income Security Act.

The suit was filed in the District Court of the Missouri Eastern Division by participants in the company's 401(k) plan, who said the company breached its fiduciary duties by loading the 401(k) plan primarily with products from partners and preferred partners whose mutual funds are marketed by Edward D. Jones but which carried higher fees than other options with comparable returns.