Investors Sue Charles Schwab Over Low-Paying Cash-Sweep Accounts
Three investors are suing Charles Schwab for alleged breach of fiduciary duty, claiming the company designed its cash-sweep program to deliver “outsized” benefits for itself at the expense of customers.
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 customers.
The…
