Raymond James Processing Fee Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:
According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

This settlement resolves two different class actions, one against Raymond James and Associates and the other against Raymond James Financial Services. The complaints made similar allegations, that is, that Raymond James charged a “processing fee” to customers who took part in its Passport Investment Account Program, sometimes labeled as a miscellaneous fee on trade confirmations. The fee was higher than the execution and clearing charges  Raymond James claimed it was for, and the complaints claimed that this was “an undisclosed and unauthorized profit” to the company or “a de facto commission … in what was supposed to be a commission free account…”

Docket Number:

15-CV-60334-DIMITROULEAS/SNOW, 16-CV-60284-DIMITROULEAS/SNOW

Company: Raymond James Financial Inc.

Filing Deadline: January 1, 2100

Class Period: February 17, 2010 to June 30, 2019

Objection Deadline: September 13, 2019

Exclusion Deadline: September 13, 2019

Final Approval Hearing: October 25, 2019

Proof of Purchase:

Class members do not need to submit claim forms. Company records will be used to determine class members.

Eligibility:

You may be eligible if you belong to either of the classes below.

  • Brink Class: All current and former customers of Raymond James and Associates, Inc. (RJA) in the US and its territories who entered into a “Passport Agreement” and owned a Passport Account, and to whom RJA charged a processing fee or miscellaneous fee on transactions involving “Fee Investments” at any time between February 17, 2010 and March 31, 2017.
  • Wistar Class: All current and former customers of Raymond James Financial Services, Inc. (RJFS) and Raymond James Financial Services Advisors, Inc. (RJFSA) in the US and its territories who entered into a “Passport Agreement” and owned a Passport Account, and to whom RJA charged a processing fee or miscellaneous fee on transactions involving “Fee Investments” at any time between February 11, 2011 and June 30, 2019.
Typical Settlement Amount:

Proceeds from the net settlement fund will be distributed to class members on a pro-rata basis, based on a formula devised to take into consideration different levels of fees paid.

Total Settlement Amount: $15,000,000

Class Representative Proposed Incentive Fee:

$25,000-$75,000

Law Firms:
Blum Law Group
Day Pitney LLP
Herskowitz Shapiro PLLC

Case Name: Brink v Raymond James and Associates, Wistar v Raymond James Financial Services

Settlement Website: Raymond James Processing Fee Settlement Website

Claims Administrator:
American Legal Claim Services, LLC

Claims Administrator Contact Information:

Brink Wistar Settlement
c/o American Legal Claim Services
PO Box 23489
Jacksonville FL 32241-3489
1-800-506-1915

Tags: Charges in Excess of What Was Promised, Securities