U.S. Bancorp Investments Cash Sweep Program Lawsuit 

U.S. Bancorp Investments, which is affiliated with U.S. Bank, allegedly pays unreasonably low interest rates on cash held in self-managed brokerage accounts. The brokerage firm has paid interest rates as low as .30% APR although the Federal Fund Rate increased significantly to about 5%.  

 

If you have a self-managed U.S. Bancorp brokerage account, you may have lost money on the low interest rates U.S. Bancorp paid on cash sitting in your account. Many brokerage customers with cash in their brokerage accounts have their money automatically placed into low interest-bearing accounts without their knowledge. 

 

Our attorneys can help you determine whether you have been impacted. 

 

At this time, we are not accepting new inquiries for the U.S. Bank Cash Sweep lawsuit.

U.S. Bancorp Investments is supposed to consider the market environment and competitive factors when setting interest rates on its customers’ cash. Data, such as the Federal Funds Rate and interest rates paid by competing brokerages show that U.S. Bancorp Investments has not considered such factors and instead keeps the lion share of earned interest for itself and/or its affiliates, such as U.S. Bank.  

If you have a brokerage account with U.S. Bancorp Investments, then you likely have a cash sweep account. U.S. Bancorp Investments refers to its cash sweep program as its “Bank Deposit Program,” which is a term that may show up on your statements.   

 

Many U.S. Bancorp customers who have brokerage accounts are automatically placed into these accounts, and don’t realize they’ve been put in one. If you’re unsure whether you have a cash sweep account, we can help determine whether you have been negatively affected. 

In July 2025, a federal court appointed Gibbs Mura partner, Rosemary M. Rivas, and our firm to lead the lawsuit against PNC Investments LLC for depositing brokerage clients’ uninvested cash into a cash sweep program that was paying unreasonably low interest rates.   

 

Like PNC, U.S. Bancorp Investments has allegedly had a similar pattern of paying unreasonably low interest rates on its’ customer sweep accounts, and our class action attorneys plan to hold it accountable and seek damages for impacted investors.   

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.”