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St. Louis-based financial services firm Edward Jones has been ordered by a federal judge to pay a $34 million settlement for bias claims by Black financial advisors, Reuters first reported. The firm is known for serving individual investors and boasts more than 19,000 financial advisors. This settlement comes after Stowell & Friedman filed a class-action lawsuit in 2018 on behalf of roughly 800 Black financial advisors. The official complaint was “race discrimination,” states a court filing that names Wayne Bland as the main plaintiff in the class action case. The Black financial advisors accused Edward Jones of assigning them to less lucrative work, denying them working with certain high-level client accounts, and depriving them of advancement opportunities. In the case represented, Edward Jones, which Dowd Bennett denied wrongdoing, went as far as to try to get the case dismissed since it claimed that the named plaintiffs failed to provide more than speculative claims in the...
Kanye West is out of legal trouble after promising his album would be exclusively available on Tidal. The artist settled a class-action lawsuit of nearly $85 million with a fan over the exclusivity of ‘The Life of Pablo.’ West originally said the album would only be streamed on the platform, but weeks later it was offered on both Apple Music and Spotify. Justin Baker-Rhett, the plaintiff in the lawsuit, said that he bought a $9.99 subscription to Tidal in order to stream ‘The Life Of Pablo.’ After the album began streaming on other platforms, Baker-Rhett felt slighted and deceived into downloading the service. The terms of the settlement are not known; however, the 2016 lawsuit from Baker-Rhett has been dropped. Exclusivity on streaming services is now a thing of the past. As artists, record labels and the platforms agree to more effective contracts, an artists’ need to only offer content on one service has evaporated. There are special cases when artists offer albums exclusively...