Money world

Edward Jones, the brokerage firm based in Des Peres, has agreed to pay $7.5 million in fines and fees to settle a lawsuit brought by California authorities.

In a lawsuit filed in December 2004, the California Attorney General accused the company of failing to adequately disclose its sharing of revenue with mutual fund companies when it sold their funds to customers before 2005.

Jones neither admitted nor denied the allegations. Revenue-sharing isn’t illegal, but it must be disclosed. The settlement was reached last week and disclosed on Monday.

Jones will pay $2.7 million in fees and costs to the attorney general and will pay $4.8 million in civil penalties to California.

Two years ago, Jones paid $127.5 million to settle nine class-action suits over the practice $1500 payday loan. The company paid $75 million in fines to the federal government over the practice in 2004 and paid Missouri regulators $1.5 million in fines in 2005.

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