Investors Sue Charles Schwab Over Low-Paying Cash-Sweep Accounts
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https://www.barrons.com/advisor/articles/investors-sue-charles-schwab-cash-sweep-f39e4151?siteid=yhoof2&yptr=yahoo
Three investors are suing Charles Schwab for alleged breach of fiduciary duty, claiming the company designed its cash-sweep program to deliver “outsized” benefits for itself at the expense of customers. The lawsuit was filed last week in a federal court in Los Angeles by Mary Loughran, Rosemary Orlando, and Edward Carr. The plaintiffs are seeking class-action status on behalf of themselves and other Schwab customers.