Edward Jones mismanaged its 401(k) plan and charged participants excessive fees, according to a lawsuit that joins a recent barrage of employee retirement plan-related legal actions against leading financial services firms.

The latest lawsuit was filed in U.S. District Court in Missouri on behalf of Charlene F. McDonald, an on-call branch office administrator who works with advisers, and a class of "similar participants." The case alleges breach of fiduciary duty and transactions prohibited under the Employee Retirement Income Security Act of 1974.

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