SAN DIEGO, Sept. 21, 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 clients by funneling uninvested cash held in discretionary investment accounts to affiliated banks and negotiated 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 SEC commissioner, called it a “trillion-dollar conflict of interest” that has affected retail investors around the country. The United States Securities and Exchange Commission 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 advisera firms:
| American Enterprise Investment Services | Morgan Stanley Smith Barney LLC |
| Ameriprise Financial Services | National Financial Services, LLC |
| Bank of America | PNC Financial Services Group, Inc. |
| E*Trade Securities LLC | PNC Investments, LLC |
| Edward Jones | Raymond James Financial, Inc. |
| Fidelity Investments | Stifel Financial |
| J.P. Morgan Securities LLC | UBS Financial Services Inc. |
| JPMorgan Chase & Co. | Wells Fargo Advisors |
| Merrill Lynch | |
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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