Investment brokerage Edward Jones routinely pays its Black financial advisers less than their White counterparts due to its policies on starting pay and client transfers, a suit filed in Missouri federal court claims.
A group of advisers sued the firm Tuesday in a proposed class action, accusing it of both intentional discrimination and unintentional bias through disparate impact under federal civil rights laws as well as state and local laws in California, Minnesota, and New York.
The firm’s policy of setting new advisers’ starting pay based on their previous salaries perpetuates racial disparities in the job market, according to the ...