Bryan D. Winter, on behalf of himself and all others similarly situated v. Edward D. Jones & Co., L.P. et al.

CourtDistrict Court, E.D. Missouri
DecidedDecember 18, 2025
Docket4:25-cv-00299
StatusUnknown

This text of Bryan D. Winter, on behalf of himself and all others similarly situated v. Edward D. Jones & Co., L.P. et al. (Bryan D. Winter, on behalf of himself and all others similarly situated v. Edward D. Jones & Co., L.P. et al.) is published on Counsel Stack Legal Research, covering District Court, E.D. Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Bryan D. Winter, on behalf of himself and all others similarly situated v. Edward D. Jones & Co., L.P. et al., (E.D. Mo. 2025).

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MISSOURI EASTERN DIVISION

BRYAN D. WINTER, on behalf of ) himself and all others similarly situated, ) ) Plaintiff, ) ) Case No. 4:25-cv-00299-SRC v. ) ) EDWARD D. JONES & CO., L.P. et al., ) ) Defendants. )

Memorandum and Order Bryan Winter alleges that Edward Jones’s equity policy—which pervades aspects of its promotion, advancement, and termination decisions—unlawfully discriminates against straight white male employees. Winter seeks to certify a class action on behalf of similar Edward Jones employees. Edward Jones responds that the Court cannot certify a class due to conflicts among proposed class members; thus, the argument goes, Winter must arbitrate his claims under securities-industry rules. The Court addresses Edward Jones’s motion to strike the class allegations and compel arbitration. I. Background A. Procedural background After Winter filed his initial complaint, doc. 1, Edward Jones filed a motion to strike Winter’s class allegations and compel arbitration, doc. 21. Before the Court could rule on this motion, however, Winter filed an unopposed motion to amend his complaint, doc. 24, which the Court granted, doc. 26. The Court then denied Edward Jones’s motion to strike as moot. Doc. 26. Winter filed his amended complaint, doc. 27, and Edward Jones filed a second motion to strike class allegations and compel arbitration, doc. 30. The parties fully briefed this motion, docs. 31, 34, 35, but again, before the Court could decide the motion, Winter sought leave to amend his complaint, doc. 39, which the Court again granted, doc. 41. So the Court again denied Edward Jones’s motion to strike as moot. Doc. 41. B. Factual background

Winter filed his Second Amended Complaint on July 18, 2025. Doc. 42. In this complaint, he alleges the following facts, which the Court accepts as true for the purposes of Edward Jones’s motion to strike, doc. 45. See Kelly v. Kosuga, 358 U.S. 516, 517 (1959); Barnidge v. United States, 101 F.2d 295, 297 (8th Cir. 1939); see also 5C Wright & Miller’s Federal Practice & Procedure § 1380 (3d ed. 2025) (“Wright & Miller”) (“All well-pleaded facts are taken as admitted on a motion to strike but conclusions of law or conclusions drawn from the facts do not have to be treated in that fashion.”). 1. Edward D. Jones & Co. Edward Jones provides financial services across more than 15,000 offices in the United States. Doc. 42 at ¶¶ 9–10. It employs over 19,000 financial advisors. Id. at ¶ 11. In its

promotional materials, Edward Jones states that its employment policy focuses on equity. Id. at ¶ 14. And, according to Winter, this policy “permeates all aspects of an Edward Jones financial advisor’s employment.” Id. Winter states that Edward Jones’s equity policy manifests itself in several different ways. First, the policy undergirds the firm’s Goodknight Incentive Compensation Structure. Id. at 4 (The Court cites to page numbers as assigned by CM/ECF.). According to Winter, a Goodknight transfers wages, increases an employee’s job performance ratings, and provides job growth opportunity. Id. at ¶ 16. Under the Goodknight structure, Edward Jones transfers client assets from the book of one of its financial advisors to the book of another. Id. at ¶ 17. The transferee advisor then receives fees and commissions on those transferred assets. Id. And Edward Jones “compensates the transferor financial advisor, as an incentive to agree to the transfer.” Id. But a transferor advisor receives additional compensation if he transfers assets to certain kinds of advisors. See id. at ¶ 15. For instance, a transferor advisor’s compensation

increases if he transfers assets to a new financial advisor, or to a financial advisor who “contributes to firm strategies”—that is, a financial advisor who is “diverse.” Id. Diverse advisors include women, those who “identify as part of a minority race or ethnicity,” and those who “identify as gay, lesbian, bisexual, trans[gender],” or other minority gender or sexual orientation. Id. Winter states that Goodknight transfers affect each financial advisor’s performance ratings because “Edward Jones grades each of its financial advisors . . . based on the assets he/she brings into the firm and the commissions generated by his/her book of business.” Id. at ¶ 18. Fees and commissions from a Goodknight asset transfer “count toward, and therefore increase, a financial advisor’s numerical performance rating.” Id.

Second, Winter asserts that Edward Jones’s promotion practices depend on its notions of equity as well. Id. at ¶ 21. Whenever financial advisors retire or otherwise leave the firm, they leave their offices and clients behind. Id. at ¶ 23. To fill these offices, Edward Jones “favors non-white candidates over whites,” making “the race of the applicant—not merit—[a] but-for and motivating factor” in the firm’s decision. Id. Third, Winter argues, Edward Jones imposes discriminatory termination standards on its white financial advisors. Id. at ¶ 24. Typically, when a white financial advisor’s performance rating falls below a certain threshold (i.e., “a score of 30 out of 150,” id.), Edward Jones gives that advisor a few months to raise his score. Id. If he does not, Edward Jones will usually terminate his employment. Id. But, according to Winter, “when non-white financial advisors repeatedly fail to bring their performance scores up within the same time period, they are rarely terminated.” Id. Finally, Winter posits that Edward Jones’s equity policy manifests itself in the firm’s use

of “Accountability Scorecards.” Id. at ¶ 25. These scorecards “hold leadership accountable” by “grad[ing] middle managers on how many ‘diverse’ financial advisors they retain and promote.” Id. Edward Jones then shares the scorecards with its leadership team and general partners, who use the scorecards as a “major factor when grading regional leadership.” Id. A high score on an Accountability Scorecard “can result in extremely large bonuses” for a regional manager. Id. 2. Bryan Winter Winter is a former employee of Edward Jones who identifies as a “straight white male,” or SWM. Id. at ¶¶ 26, 33. For “nearly his entire career at Edward Jones,” Winter states that his performance rating was 150, the maximum possible score. Id. at ¶ 30. Because of this, Winter “regularly qualified for bonuses and trips,” id. at ¶ 31, and “was recognized numerous times” as

a top performer by firm leadership, id. at ¶ 32. The firm also selected him to coach new and junior financial advisors “on how to better serve their clients, increase efficiency, and bring in more assets.” Id. at ¶ 32. Despite being a high-performing employee, however, Winter states that he eventually left Edward Jones because the firm’s equity policy discriminated against him and other SWMs, creating “a toxic work environment.” Id. at ¶ 33. He argues, first, that the Goodknight structure disadvantaged him because he was eligible for Goodknights while he worked there and “would have received more Goodknights” (or at least had a better chance of receiving them) were it not for Edward Jones’s equity policy. Id. at ¶ 34. Second, Winter argues that SWMs “just did not have a fair opportunity for advancement at Edward Jones” because of the policy. Id. at ¶ 35. And third, Winter states that Edward Jones’s equity policy caused him to “los[e] all hope that he even had a fair chance to advance to the upper echelons of Edward Jones and make general partner.” Id. at ¶ 40. So, Winter felt that he had “no choice but to leave his position at Edward

Jones.” Id. at ¶ 41. Winter provides two examples of Edward Jones’s equity policy in action. Once, he became aware of a discussion between regional leadership regarding a vacant office. Id.

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Bryan D. Winter, on behalf of himself and all others similarly situated v. Edward D. Jones & Co., L.P. et al., Counsel Stack Legal Research, https://law.counselstack.com/opinion/bryan-d-winter-on-behalf-of-himself-and-all-others-similarly-situated-v-moed-2025.