ALERT: CASH SWEEPS INVESTIGATION ALERT: DiCello Levitt LLP Is Investigating Cash Sweeps Programs; Account Holders Encouraged to Contact the Firm

SAN DIEGO, Sept. 27, 2024 (GLOBE NEWSWIRE) — DiCello Levitt LLP is investigating whether large financial institutions and their investment adviser affiliates violated the law and their duties to act in the best interest of their advisory and trust account clients by funneling uninvested cash held in discretionary investment accounts to affiliated banks and negotiating one-sided deals that enriched the banks and their affiliates while paying customers paltry interest rates as compared to what’s offered on the market. As reported by Bloomberg, Robert Jackson, a New York University law professor and former U.S. Securities and Exchange Commission (“SEC”) commissioner, called it a “trillion-dollar conflict of interest” that has affected retail investors and trust accounts around the country.   The SEC has initiated several probes into how investment adviser firms manage their cash sweep programs.

If you have or had an account with an investment adviser, you are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt partners Steve Jodlowski, Brian O’Mara or Alexander Barnett by calling (888) 287-9005 or at investors@dicellolevitt.com. Among other institutions, the firm is investigating cash sweeps practices at the following banks and investment adviser firms:

Until you file a case or a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.

About DiCello Levitt:

At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.

DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.

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Media Contact

Amy Coker
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Second Floor
San Diego, CA 92121
619-963-2426
investors@dicellolevitt.com