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In new wrinkle, ERISA complaint of Edward Jones employees centers on failure to offer yield-chasing money market alternative

The 401(k) lawsuit in the name of 38,000 participants resumes the parade of lawsuits against the giant broker-dealer based on revenue sharing arrangements

Tuesday, September 6, 2016 – 6:04 PM by Irwin Stein
Admin:
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Mark Boyko: In the case of a long-term account like a pension plan, a money market fund will not withstand scrutiny.

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Donald Ballai

Donald Ballai

September 6, 2016 — 7:34 PM

While it’s true stable value funds have produced higher yields than money markets I don’t believe they are a “safer” substitute for cash in a 401k or any other retirement account. If the insurance companies such as AIG or Hatrford went under as they most certainly would have in 2009 without taxpayer bailouts, investors would have lost those funds. Not so in an FDIC account. Over the course of the last 8 years this suit is without merit. The bigger issues are the revenue sharing agreements. Double dipping by advisors and their firms is shameful.

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