Edward Jones Files Motion to Dismiss $15 Million Book of Business Lawsuit
From the Desk of Jim Eccleston at Eccleston Law:
A former Edward Jones advisor has filed suit against Edward Jones over a $15 million book of business.
Brandon Johnson alleges that Edward Jones "failed to disclose material facts about internal asset sales to new Edward Jones Financial Advisors” and “used high pressure sales techniques” to sell him a book of business that Edward Jones “knew was statistically likely to fail.” Johnson further alleged that Edward Jones intentionally withheld the information.
In response, Edward Jones filed a Motion to Dismiss the Amended Complaint and to Compel Arbitration. However, after reviewing Johnson’s amended complaint, the court noted that Johnson’s three-page “Statement of Claim” did not include numbered paragraphs and failed to list any counts or identify which defendants were to face each claim. Since the amended complaint failed to specify the claims against each defendant as well as the grounds underlying each claim, the court ultimately granted Edward Jones’ Motion to Dismiss, which disposed of Johnson’s “shotgun pleading.”
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.
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