Berger Montague Grows Cash Sweeps Team

PHILADELPHIA – Berger Montague, a national plaintiffs’ class action law firm, has hired additional talent to join the team of attorneys representing classes of brokerage account holders who allege their cash holdings have been improperly swept into low-interest accounts by banks and brokerages. Alex Heller has joined the Securities Fraud and Investor Protection team and will be assisting with the growing case load resulting from the cash sweeps issue. 

“Investors have lost out on billions of dollars in interest—expecting their uninvested cash to be ‘swept’ into high interest accounts, substantially for their benefit,” said Michael Dell’Angelo, Executive Shareholder and Chair of the Securities and Investor Protection team. “Instead, our clients receive only a tiny fraction of the income, with these financial institutions paying themselves the majority of the interest earned on the account holders’ money.”

Berger Montague is at the forefront of efforts to protect brokerage account holders from abusive cash sweep programs. The Firm initiated the first cash sweep class action lawsuits against Wells Fargo and LPL and has initiated an action against Ameriprise: Bujold v. Wells Fargo & Co., et al., No. 24-cv-04616 (N.D. Cal.), Peters v. LPL Financial LLC, No. 3:24-cv-01228 (S.D. Cal.) and Bender v. Ameriprise Financial, Inc., et al., No. 24-cv-03359 (D. Minn.). The Firm is continuing to investigate additional cash sweep cases on behalf of harmed brokerage account holders.

“I am glad to come aboard at Berger Montague as we bring these important cases to help our clients recoup their losses,” said Alex Heller, Senior Counsel. “We’ve already filed three of these cases and we are investigating many others.”

 For additional information or to learn how to participate in this litigation, please contact Berger Montague: Alex Heller at [email protected] or (215) 875-4032 or Andrew Abramowitz at [email protected] or (215) 875-3015.

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, commercial litigation, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For more than 50 years, Berger Montague has played lead roles in precedent-setting cases and has recovered over $60 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, Washington, D.C., and Wilmington.

Contact:

Amy Wall-Monte

215.875.3021

[email protected]

Meet The Team

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Alex B. Heller

Senior Counsel

• [email protected]
• 215-602-4032

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Michael Dell’Angelo

Executive Shareholder

• [email protected]
• 215-875-3080