WFC Faces Lawsuit Over Interest Rates on Cash Sweep Accounts [Yahoo! Finance]
Raymond James Financial, Inc. (RJF)
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Source: Yahoo! Finance
Wells Fargo & Company WFC faces a new class-action lawsuit, where it has been accused of underpaying interest to clients participating in its cash sweep program. Sweep programs were created to allow banks and brokers to put their customers' uninvested cash to work. They move excess client cash balances overnight into a money market fund or another higher-yielding product offered by a bank or affiliate bank. Details of WFC's Cash Sweep Accounts Lawsuit The plaintiff, Darren Cobb, alleged that Wells Fargo breached its fiduciary duty, violated principles of fair dealing and committed breach of contract and unjust enrichment. The lawsuit alleged that WFC didn't pay enough interest on uninvested cash while making a significant profit from these funds, leading to substantial financial loss for its clients. The complaint, submitted on Tuesday, stated that Wells Fargo put its customers' money into its cash sweep program and then used this money to make “outsized returns for itself” b
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- Raymond James (NYSE: RJF) had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $127.00 to $125.00. They now have a "neutral" rating on the stock.MarketBeat
RJF
Earnings
- 7/24/24 - Beat
RJF
Sec Filings
- 9/25/24 - Form 8-K
- 9/20/24 - Form 3
- 9/6/24 - Form 4
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