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Rating:Wachovia Settles A.G. Edwards Rev Sharing Case Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 24, 2010

Wachovia Settles A.G. Edwards Rev Sharing Case

Reported by Sean Hanna, Editor in Chief

Shareholders of fund firms that paid revenue sharing "shelf space" payments to A.G. Edwards a decade ago can now stand in line for vouchers. The funds will come from a class action settlement in a revenue sharing suit brought during the Spitzer investigations.

Details of the suit were provided in the St. Louis Business Journal.

Some of the mutual fund families included on the A.G. Edwards preferred list were: American Funds, Dreyfus, Evergreen (now Wells Fargo Advantage), the Hartford and OppenheimerFunds.

Roughly 1.7 million A.G. Edwards clients who had accounts between 2000 and 2005 and hold shares in the certain mutual funds are covered by the settlement approved by the St. Louis Circuit Court Judge Angela Quigless. The account holders must still have accounts with Wells Fargo, which acquired A.G. Edwards via Wachovia, to receive the vouchers for $24.65 per account.

Those account holders who no longer own shares in the mutual funds are eligible for payments of $20.42 per account.

The total value of the vouchers is $34 million. Meanwhile, the law firms bringing the suit will divvy $21 million in legal fees. Those firms include: Stull, Stull & Brody and Milberg LLP, Blitz Bardgett & Deutsch and seven others. 

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