Wells Fargo Cash Sweep Class Action Lawsuit 2024

On August 8, 2024, Gibbs Law Group filed a lawsuit against Wells Fargo Advisors alleging it breached its fiduciary duties and contractual obligation to clients by putting their uninvested cash in sweep accounts that pay “low and unreasonable rates of return.”

Invest with Wells Fargo Advisors? Gibbs Law Group has filed a class action lawsuit on your behalf.

Wells Fargo Cash Sweep Class Action Lawsuit Update

Our firm filed a class action lawsuit following allegations that Wells Fargo customers were being automatically enrolled in cash sweep programs instead of options that might have offered them better returns and lower rates. According to a recent lawsuit, Wells Fargo Advisors allegedly has been placing customers’ uninvested cash in sweep programs that pay as little as 0.05% interest to customers, while Wells Fargo Advisors allegedly earned up to 5.63%, for itself on the same accounts.

The SEC also recently started investigating Wells Fargo and other brokerage firms for these cash sweep programs that may be cheating customers out of interest payments

“These major firms [like Wells Fargo] have a fiduciary duty to act in their clients’ best interests but have enriched their own bottom lines instead. We’re committed to holding them accountable and recovering money that rightly belongs to investors.” – Gibbs Law Group partner, Rosemary Rivas

How do I know if I have a Wells Fargo Cash Sweep Account?

A cash sweep account is an account that automatically moves, or “sweeps,” uninvested cash into interest-bearing accounts. If you have an account with Wells Fargo Advisors, then you may have a cash sweep account. Wells Fargo refers to its cash sweep program as its “Bank Deposit Program” (BDP),” which is a term that may show up on your Wells Fargo Advisor statements.

How do I join the Wells Fargo Cash Sweep Class Action Lawsuit?

If you have an account with Wells Fargo Advisors, then you may have been impacted by this. Fill in your information in the form below if you would like to be on our email list for potential future updates on this case.

Have a Wells Fargo advisory account?

Our Experience and Leadership Experience in Financial Lawsuits

Our attorneys are industry leaders in lawsuits against Wells Fargo. Gibbs Law Group has extensive experience pursuing many cases against Wells Fargo and has recovered hundreds of millions of dollars for its customers. Our attorneys have successfully sued Wells Fargo for fraudulent conduct in the past, and we plan to continue holding them accountable.

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.”