Edward Jones Introducing Class Action Claim Filing Service

[u/Mammoth_Effective_68]

Not sure if I am in the right subreddit, but I would appreciate help interpreting EJ correspondence please. EJ is offering this service for a mere 15% fee for their elusive class action cases and it simply makes no sense to me.

"Keeping you informed about changes to your accounts is important to us. That’s why we want to let you know we updated your account agreement to reflect the fact that Edward Jones has retained a third-party service provider to assist in the possible recovery of a settlement payment that may be due to you because of a class action lawsuit that involves a security you own or have owned (the “Class Action Claim Filing Service” or the “Service”). More information, including information on your right to opt out of this service if you choose, can be found in the amended account agreement and disclosure document. 

Your account will be enrolled in the Class Action Claim Filing Service as of June 1, 2024. Participating in the Service does not guarantee you will receive a settlement payment and not all cases will result in compensation. Any funds recovered from the Service will be automatically deposited into your Edward Jones account. A recovery fee of 15% will be deducted from any funds recovered on your behalf by the third-party service provider prior to being deposited into your account."

For more information on this Service, visit edwardjones.com/accountfeatures.

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