The law firms Richman Greer, P.A., of Miami, Hanley Law of Naples and Blum Law Group of Fort Lauderdale have filed a federal class action lawsuit against Raymond James & Associates, Inc. (“Raymond James”), alleging that Raymond James charged an unauthorized and unreasonable “Processing Fee” when it executes trades for customers through the customers’ Passport account. The class action lawsuit is styled Jyll Brink v. Raymond James & Associates, Inc., and is pending in the United States District Court for the Southern District of Florida before U.S. District Judge William P. Dimitrouleas, Case No. 1:15-cv-60334.
The lawsuit was filed on February 17, 2015 on behalf of former and current customers of Raymond James nationwide who executed a Passport Client Agreement (“Passport Agreement”) and owned a Passport account, and from whom Raymond James deducted, retained and/or charged a per transaction Processing Fee (sometimes referred to as “Misc. Fee” on trade confirmations) to execute trades.
The 18-page lawsuit alleges that Raymond James breached its contract with customers, and breached its duty and the standard of care expected of similar professionals in the community under similar circumstances by charging an unreasonable and unauthorized “Processing Fee” that bore no reasonable relationship to its direct and actual costs incurred by Raymond James in executing and clearing customers’ transactions.
For more information, former or current customers of Raymond James who owned or own a Passport account and who were charged a Processing Fee (sometimes referred to as “Misc. Fee” on trade confirmations) may email sara_hanley@placeandhanley.com or call 239-455-1242 and ask for Sara Hanley.