Cash Sweep Cases

Berger Montague has been named interim lead or co-lead counsel in several proposed class actions arising from cash sweeps programs. These lawsuits allege that the financial institutions use sweep account cash to reap substantial profit while paying their clients unreasonably low interest rates.

To date, Berger Montague has been named interim lead or co-lead counsel in six cash sweeps cases, including cases against JPMorgan, Wells Fargo, Ameriprise, LPL, UBS, and Morgan Stanley. Additionally, the Firm is actively involved in cases against Charles Schwab, Raymond James, and other financial institutions.

The class action cases are ongoing as courts have denied motions to dismiss against JP Morgan, UBS, Wells Fargo, Ameriprise, and LPL Financial.

Read More:

• UBS Must Face Class Action Over Low-Yield Sweep Accounts, Law360 (March 25, 2026). Read more here.
• Berger Montague Named Interim Class Counsel in Wells Fargo Cash Sweep Case, Berger Montague (April 25, 2025). Read more here.
• Berger Montague Named Lead Counsel In JP Morgan Cash Sweep Case, Berger Montague (February 18, 2025). Read more here.
• Berger Montague Named Class Counsel In Two More Cash Sweep Cases, Berger Montague (November 22, 2024). Read more here.
• Team Of 3 Firms Seeks To Lead UBS Cash Sweep Case, Law360 (October 9, 2024). Read more here.
• Berger Montague Cash Sweeps Lawsuits Gain National Attention in the American Banker, Berger Montague (September 13, 2024). Read more here.
• Wall Street Giants Sued In Rising Furor Over Low Cash Sweep Rates, Financial Advisor (September 11, 2024). Read more here.
• Three New Cash Sweep Suits Target Schwab, RayJay, Ignites (August 29, 2024). Read more here.
• JPMorgan, Raymond James join firms sued over cash sweeps, American Banker (August 27, 2024). Read more here.
• Berger Montague Grows Cash Sweeps Team, Berger Montague (August 23, 2024). Read more here.
• Ameriprise, LPL Face More Cash Sweep Suits, WealthManagement.com (August 22, 2024). Read more here.
• Wells Fargo Targeted as Cash Sweep Lawsuits Snowball, AdvisorHub (August 1, 2024). Read more here.

Berger Montague is one of the nation’s preeminent law firms, focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. The firm is active in the fields of antitrust, civil rights, commercial litigation, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played lead roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.