Edward Jones To Pay Up $34 Million To Settle Allegations of Racism Towards Its Black Employees & Other Minorities
A Missouri-based financial services company is set to pay up $34 million in order to quell allegations of discriminatory practices towards its employees that are black.
Edward D. Jones & Co., L.P., simply referred to as Edward Jones in this feature, has been accused by one of its former employees of allegedly enforcing company-wide policies and practices that deny its employees of color’s career mobility and income advancement.
The Edward Jones Racial Discrimination Class Action Lawsuit added that the company has been conducting racial bias that negatively impacts its workers that are black through its protocols on training and compensation packages.
Filed in 2018, former Edward Jones broker Wayne Bland argued that his former employer has been racist towards him and other members of ethnic minority groups.
Bland also added that the company is making it hard for people of color and those hailing from minority groups to gain meaningful employment from the company.
He pointed out the racial makeup of the company’s workforce – which mostly consisted of its pool of financial advisers.
The Edward Jones Racial Discrimination Class Action Lawsuit pointed out that 94% of Edward Jones’s current financial advisers are white and of Caucasian descent. The remaining 6% are people of color, not only black people but also other ethnic minorities too.
The complaint pointed out that there is a great disparity between Edward Jones’s employee pool diversity compared to the national average.
All over the United States, non-Caucasian financial advisors are pegged at 21% at the national average, with a little over eight percent of them are black.
The Edward Jones Racial Discrimination Class Action Lawsuit Settlement Agreement will cover all African-American employees who have been employed as field-based financial advisors for Edward Jones in the United States between 24th May of 2014 to 31st December 2020.
The settlement reportedly will benefit about 800 former and current employees of the financial services company. Each will reportedly receive a compensation package of $42,500 before costs are charged and subtracted.
An email from an Edward Jones representative shared that the company has agreed with the settlement in order to protect its best interests and move past the allegations of racism and racist practices being done in the company.
The Edward Jones Racial Discrimination Class Action Lawsuit Settlement Agreement not only led the company to pay up and be held accountable for monetary damages, but it also made the company set up an internal council that will address concerns of diversity moving forward.
About the company
Edward Jones, officially known as Edward D. Jones & Co., L.P., is a financial services firm based in St. Louis, Missouri.
The company was founded by Edward D. Jones almost a hundred years ago.
With its primary clients in Canada and the United States, the firm currently employs 49,000, including 19,000 financial advisors. Edward Jones had a tallied revenue of more than $8.5 billion in 2019.
Editor’s Note on Edward Jones Racial Discrimination Settlement For $34 Million:
This article is aimed to inform you of the latest settlement agreement between Edward Jones and a former employee concerning racist practices purported against black employees and other employees belonging to the minority groups.
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