Stifel Cash Sweep Class Action Lawsuit Investigation
Stifel allegedly pays its clients as little as 0.1% interest on uninvested cash, while some investors get 50x more with other brokerage firms.
Stifel may be benefiting by pocketing higher fees for itself, at your expense.
Stifel investor?
Find out if you can recover money.
Overview: Stifel Cash Sweep Class Action Lawsuit for Paying Clients Unreasonably Low Interest Rates
Brokerage and investment firm Stifel has an obligation to act in its clients’ best interest, recommending investments and accounts that will benefit the client the most. But reports have come out that Stifel may offer unreasonably low interest rates to customers with cash sweep accounts, because it makes Stifel more money. According to data from its website:
- Stifel pays 0.15% interest for cash sweep accounts with under $99,999, and up to 2% for accounts with over $2 million.
- In contrast, 2023 earning results indicate Stifel Bank has earned significant interest off of these accounts, potentially at the expense of customers.
While other brokerage firms have said that they intend to raise yields paid to sweep account customers—amidst regulatory scrutiny into their cash sweep practices — Stifel executives stated in a July 2024 earnings calls that it will not raise its rates, as reported by AdvisorHub.
Our award-winning lawyers are investigating a potential Stifel cash sweep class action to help Stifel customers who were paid unreasonably low interest rates on their uninvested cash.
Why is my money in a Cash Sweep Account at Stifel?
A cash sweep account is a bank account that automatically moves cash funds between accounts to minimize risk and maximize returns.
Many Stifel customers are automatically placed into these accounts, and don’t realize they’ve been put in one until they review their statements. If you’re not sure if you have a cash sweep account, we can help.
Learn If You Have a Stifel Cash Sweep Account
Contact Us
Learn If You Have a Stifel Cash Sweep Account
Various names are used to call Stifel cash sweep accounts:
- Stifel Insured Bank Deposit Program
- Automatic Cash Investment
- Stifel Insured Bank Deposit Program for Retirement accounts
- Stifel Bank Insured Cash Sweep (ICS) Program
Speaking with a Lawyer: How do I Join a Potential Stifel Cash Sweep Class Action?
If you have an account with Stifel, then you may have been impacted. Contact us to discuss your rights and learn more about our investigation.
Attorneys
Rosemary Rivas
Rosemary is devoted to obtaining justice for consumers in lawsuits involving claims of false advertising, defective products, and privacy violations.
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 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 profileBrian Johnson
Brian is passionate about holding businesses accountable when they mislead or abuse consumers, because consumer rights protects us all.
View full profileAbout Us
Gibbs Mura 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.”
Prefer to chat? Give us a call at
510-686-6112
ATTORNEYS:
Rosemary Rivas
Rosanne Mah
Dave Stein
Brian Johnson
Stifel investor?
Find Out If You Can Recover Money.