Edward Jones Files Motion to Dismiss $15 Million Book of Business Lawsuit

Posted on May 24th, 2022 at 12:13 PM

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.

 
 

Tags: eccleston law, edward jones, advisor

Return to Archive

TESTIMONIALS

Previous
Next

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

July 11, 2025
FINRA Advances Proposal to Allow Limited Use of Performance Projections

The Financial Industry Regulatory Authority (“FINRA”) is moving forward with a proposal that would give broker-dealers limited ability to market performance projections and targeted returns under specific conditions.

July 10, 2025
SEC Permanently Bars Brite Advisors USA Over Custody Rule Violations and Undisclosed Conflicts

The SEC has permanently barred Brite Advisors USA from operating as an investment adviser, citing serious custody rule violations and undisclosed conflicts of interest tied to its offshore affiliate, as reported by Financial Advisor News.

July 9, 2025
UBS Confirms Data Breach After Cyberattack on External Vendor

UBS Group AG has confirmed that a cyberattack on one of its third-party suppliers resulted in stolen company information, though no client data was compromised.