Raymond James Commission Fee Class Action Settlement

A $15 million settlement has been reached that will end a pair of class action lawsuits that claim Raymond James Financial customers were unfairly charged for sales commissions labeled as a “processing fee.”

There are two sets of current and former Raymond James customers who may be able to take part in this hidden fee class action settlement.

Class Members include those who entered into a “Passport Agreement” and had a “Passport Account” with Raymond James and were subject to fees on “Fee Investments.”

One set of Class Members were subject to these fees from Feb. 17, 2010 and March 31, 2017. The other set of Class Members includes those who were subject to fees between Feb. 11, 2011 and June 30, 2019.

Two related Raymond James commission fee class action lawsuits were lodged against the financial institution over allegations of unfair, hidden fees.

According to the complaints, later consolidated into one action, Raymond James slapped customers with expensive and unexpected fees. The plaintiffs also also alleged that the hidden fees amounted to commissions on Raymond James accounts that were advertised as being commission-free.

According to the Raymond James class action, the hidden fees came under a number of guises, including processing or miscellaneous fees. The fees were steep, amounting to up to $30 per trade, significantly impacting Class Members’ accounts.

Raymond James allegedly duped consumers into setting up a supposedly commission fee free “Passport Account.” However, the fees assessed on the account amounted to commission fees — they were simply labeled differently.

The financial institution admits no wrongdoing, but has agreed to pay $15 million as a part of the Raymond James commission fee class action settlement. Class Members include 59,000 Raymond James accountholders who paid allegedly hidden fees.

Under the terms of the settlement, each Class Member will receive a portion of the settlement amount. Each Class Member’s award will depend on the fees they were assessed on their Passport Account during the applicable Class period.

Some fees were as little as $.01, while others were as high as $30. The award will be based on the amount paid combined with a multiplier. Those who paid between $.01 and $9.95 in fees will receive that amount; those who paid between $9.96 and $15 in fees will receive that amount times two; those who paid between $15.01 or more in fees will receive that amount times three.

Each Class Member will be automatically entered into the Raymond James commission fee class action settlement and awards will be sent via check.

Class Members who wish to opt out of or object to the class action settlement must do so Sept. 13, 2019.

Who’s Eligible

Class Members include “All former and current Customers of Raymond James and Associates, Inc. (‘RJA’) in the United States and its territories who executed a ‘Passport Agreement’ and owned a Passport Account, and from whom RJA deducted, retained, and or charged a per transaction ‘processing Fee’ or ‘Misc. Fee’ on transactions involving ‘Fee Investments'” between either Feb. 17, 2010 and March 31, 2017 or Feb. 11, 2011 and June 30, 2019.

Potential Award

Varies. (each award will be based on the amount paid combined with a multiplier)

• Class Members who paid between $.01 and $9.95 in fees will receive that amount;
• Class Members who paid between $9.96 and $15 in fees will receive that amount times two;
• Class Members who paid between $15.01 or more in fees will receive that amount times three.

Proof of Purchase

None. Class Members are automatically enrolled in the settlement.

FAQ

FAQ FOR BRINKS»

FAQ FOR WISTAR»

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Deadline to Object or Exclude

09/13/2019

Case Name

Brink, et al. v. Raymond James & Associates Inc., Case No. 0:15-cv-60334, and Wistar, et al. v. Raymond James Financial Services, et al., Case No. 0:16-cv-60284, both in the U.S. District Court for the Southern District of Florida

Final Hearing

10/25/2019

UPDATE: The Raymond James Commission Fee Class Action Settlement was granted final approval on October 25, 2019. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

Settlement Website

BrinkWistarSettlement.com

Claims Administrator

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

Class Counsel

DAY PITNEY/RICHMAN GREER

Defense Counsel

BUCHANAN INGERSOLL & ROONEY PC

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Join a Free Hidden Fee Lawsuit Investigation

If you believe that you were charged unexpected hidden fees by a merchant or service provider, you may qualify to join this hidden charge class action lawsuit investigation.

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