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Former Edward D. Jones trainees file suit against company

Edward D. Jones & Co. LP is facing a putative class-action lawsuit accusing it of improper practices regarding its trainee program, including an agreement in which employees could end up owing the company money upon their departure.

A case was filed March 13 in the U.S. District Court for the Northern District of Illinois Eastern Division against the company by plaintiffs Wayne Bland, Danuta Durkiewicz, David Bowles and Adam Reyes, alleging that the company financial adviser trainee program fails to lawfully pay employees.

The suit alleges that Edward D. Jones requires financial adviser trainees to agree to repay the company $75,000 if the employment ends under certain conditions within three years of when the employee is qualified to solicit new business. Moreover, the suit alleges that Edward D. Jones encourages the trainees to work overtime without properly recording these extra hours.

In addition to the complaint, plaintiff Bland filed a charge of racial discrimination with the Equal Employment Opportunity Commission, which further alleges the practices are intentionally discriminatory and have a disproportionate impact on African Americans.

The company responded to the complaint, denying the allegations and acknowledging basic facts such as that the three plaintiffs were employed at Edward D. Jones. It also stated in the response that all non-exempt financial advisers are paid for extra hours worked, acknowledging that such employees do work six days in a week from time to time.

Edward D. Jones & Co. is the principal operating subsidiary of Jones Financial Cos. LLLP.