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Investors Sue Charles Schwab Over Badly Paying Cash Sweep Accounts

Posted on by Vaseline
Investors Sue Charles Schwab Over Badly Paying Cash Sweep Accounts

Three investors are suing Charles Schwab for alleged breach of fiduciary duty, alleging the firm designed its cash-sweep program to provide itself with “excessive” benefits at the expense of clients.

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 clients.

The…

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