Edward Jones Proposes Paying Investors $127.5 Million

Edward Jones is proposing paying investors $127.5 million in vouchers to settle class-action lawsuits that it accepted revenue from mutual fund companies in exchange for recommending their funds, St. Louis Post-Dispatch reports.

The firm would pay current customers $72.5 million in credit vouchers and past customers $55 million in cash.

Edward Jones investors filed lawsuits in federal and state courts two years ago after the firm paid $75 million in fines to Missouri, the Securities and Exchange Commission and the NASD.

The courts are scheduled to hold hearings on the proposal on July 20.