Bank of America Cash Sweep Lawsuit Investigation
Merrill Lynch, a subsidiary of Bank of America, allegedly gives low interest rates on un-invested cash while earning higher fees.
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Gibbs Law Group is investigating a potential class action lawsuit on your behalf.
Merrill Lynch advisory client?
Merrill Lynch Cash Sweep Lawsuits for paying customers unreasonably low interest rates
Clients have claimed that Merrill Lynch advisors breached the contract and duty to act in clients’ best interests, by paying clients low interest rates on their funds while ensuring that they earned significant fees for themselves. According to a December 2023 lawsuit against Merrill Lynch, Merrill Lynch consistently paid the lowest interest rate on swept cash out of many major brokerages. FinancialAdvisorIQ reports that some customers claim that Merrill Lynch has been paying them as low as 0.01% interest.
What is a Bank of America Cash Sweep account?
A cash sweep account is a bank account that automatically moves cash funds between accounts to minimize risk and maximize returns. If you have an account with Merrill Lynch or Bank of America, then you may have a Merrill Lynch cash sweep account. News has come out that some customers have been automatically enrolled in cash sweep programs and unable to select options which might have offered them better returns and lower rates. Bank of America and Merrill Lynch refers to its cash sweep programs as “Merrill Lynch Bank Deposit Programs.”
How do I Join a Merrill Lynch/Bank of America Cash Sweep Class Action Lawsuit?
If you have an account with Merrill Lynch/Bank of America, then you may have been impacted by this. Contact us to find out if you’re eligible to join the Merrill Lynch/Bank of America class action lawsuit.
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About Us
Gibbs Law Group is a California-based law firm committed to protecting the rights of clients nationwide who have been harmed by corporate misconduct. We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world’s largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and California employment lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
Attorneys for the Potential Bank of America Class Action Lawsuit
Rosemary Rivas
Rosemary is devoted to obtaining justice for consumers in lawsuits involving claims of false advertising, defective products, and privacy violations.
View full profileDave Stein
Dave represents clients in cases nationwide, ranging from securities and financial fraud cases to product liability, privacy, and data breach suits.
View full profileRosanne Mah
Rosanne represents consumers in complex class action cases involving deceptive or misleading practices, false advertising, and data/privacy issues.
View full profileOther consumer and investor protection lawsuits & investigations
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Read our press release on our investigations: