MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, May 17, 2005 Setback for Edward Jones in Shelf Space Case Edward Jones has lost its effort to have its case heard in Federal court. Friday, a federal judge ruled in favor of California's attorney general by ordering that the case against the St. Louis-based brokerage firm be heard in state court. California Attorney General Bill Lockyer filed a civil fraud case against the brokerage in December contending that it had mislead shareholders by not informing them fully of shelf space payments. Lockyer used a newly created state anti-fraud law as the basis for his suit. Garland E. Burrell Jr., a district court judge in Sacramento, remanded Lockyer's to the state Superior Court where the suit was initially filed. Edward Jones' attorneys had sought to have the case shifted to federal court, arguing that its primary regulator, the SEC, is a federal agency and that the federal court therefore had jurisdiction. Printed from: MFWire.com/story.asp?s=9712 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |