First Command Financial Planning

A class action lawsuit has been filed against First Command Financial Planning on behalf of military investors who bought the company's systematic investment plans before Dec. 15, 2004 and did not sell the plan before that date. The suit alleges that the company employed "false and misleading marketing" in its dealings with troops. According to the complaint, the systematic investment plans took as much as 50 percent of investors' first-year savings in broker fees and higher-than-needed fees after that. The suit further claims that the firm's salespeople lied about the likelihood of recouping that money, and misled customers about better investment plans.