In the wake of Edward Jones' $75 million settlement with the SEC, NASD and NYSE last week, Doug Hill, the private partnership's top executive, will step down, The Wall Street Journal reports. Although the U.S. Attorney's office for the Eastern District of Missouri had also been investigating the firm and California regulators sued the firm last Monday, it was an agreement with the Justice Department to create a "reconstituted" executive committee that triggered Hill's departure.

Edward Jones agreed to a $75 million settlement for having accepted $300 million in undisclosed shelf-space fees, making it the largest revenue-sharing settlement any brokerage firm has been hit with so far and Hill one of the highest-profile casualties in the ongoing fund scandal. Of the $75 million, Hill will pay $3 million and the other partners, $41 million.

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