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:
| American Enterprise Investment Services Ameriprise Financial Services Bank of America E*Trade Securities LLC Edward Jones Fidelity Investments J.P. Morgan Securities LLC JPMorgan Chase & Co. | Merrill Lynch Morgan Stanley Smith Barney LLC National Financial Services, LLC PNC Financial Services Group, Inc. PNC Investments, LLC Raymond James Financial, Inc. Stifel Financial UBS Financial Services Inc. Wells Fargo Advisors |
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.
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