Cash Sweep
Brokerage Cash Sweep Litigation
103 predicted defendants identified in Rain Intelligence for this trend — companies that have not yet been sued, but are on plaintiffs’ firms’ radar.
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Rain Intelligence customers see the full list of companies under pre-filing investigation by plaintiffs’ firms — plus the AI-forecasted defendants most likely to be sued next, with case theories, evidence summaries, and plaintiff-firm activity. This public preview shows only what is already on the docket.
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Understanding the trend
What is this trend?
A cash sweep program automatically moves idle brokerage cash into an interest-bearing deposit account, usually at the broker's own affiliated bank. The 2022–2024 rate spike widened the gap between what brokerages earned on swept cash and the near-zero rates they paid customers, making the retained spread conspicuous. As plaintiffs' firms and the SEC scrutinized the practice, a cascade of near-identical complaints followed against major wirehouses, banks, and fintech brokers.
What caused it
The Federal Reserve's 2022–2024 rate cycle widened the gap between federal funds rates (4–5.5%) and the near-zero interest brokerages paid on swept cash, making the retained spread conspicuous and legally actionable. SEC scrutiny of cash sweep disclosures and a cascade of near-identical complaints against wirehouse, bank, and fintech brokers followed.
Practices driving the lawsuits
- Auto-sweeping uninvested customer cash into affiliated bank accounts paying below-market rates without adequate disclosure
- Retaining the spread between market rates and rates paid to customers in breach of fiduciary duty
- Misleading or inadequate disclosures of affiliated bank sweep arrangements in customer agreements
- Failure to offer higher-yielding alternatives (money market funds, Treasuries) when rates rose materially above the default sweep rate
Filed cases
Public court records · filterable + sortable
| Filed▼ | Defendant | Court | Firm | Industry | Theory | Complaint |
|---|---|---|---|---|---|---|
| Jun 9, 2026 | Via Transportation, Inc. Garlesky v. Via Transportation, Inc. | Southern District of New York | Scott+Scott Attorneys at Law LLP | Financial Services | Cash Sweep+3 | View |
| Jun 9, 2026 | Janney Montgomery Scott LLC Michelle Corkum and Martin Pesce v. Janney Montgomery Scott LLC | Eastern District of Pennsylvania | Milberg, PLLC | Financial Services | Cash Sweep+3 | View |
| Jun 5, 2026 | SoFi Securities, LLC Jason Smith v. SoFi Securities, LLC et al. | Northern District of California | Edelsberg Law, P.A. | Financial Services | Cash Sweep+3 | View |
| Jun 3, 2026 | LPL Financial LLC Kerry Nietz v. LPL Financial LLC | Southern District of California | Bursor & Fisher, P.A. | Financial Services | Cash Sweep+3 | View |
| Jun 3, 2026 | Cetera Financial Group, Inc. Sager v. Cetera Financial Group, Inc. and Cetera Investment Services LLC | Southern District of California | EDELSBERG LAW, P.A. | Financial Services | Cash Sweep+3 | View |
| Jun 2, 2026 | LPL Financial, LLC Ciara Glasgow Brown v. LPL Financial, LLC | Southern District of California | Sommers Schwartz | Financial Services | Cash Sweep+3 | View |
| Mar 30, 2026 | Raymond james financial, inc. Raymond Schmidlin and Juliet Schmidlin v. Raymond James Financial, Inc. et al. | Middle district of florida | berger montague | Financial Services | Cash Sweep+3 | View |
| Mar 27, 2026 | Ubs financial services inc. Goldsmith and Davitt v. UBS Financial Services Inc. | Southern district of new york | pomerantz llp | Financial Services | Cash Sweep+3 | View |
| Feb 12, 2026 | JPMorgan Chase & Co. Dan Bodea and Richard W. Quigley Jr. v. JPMorgan Chase & Co. and J.P. Morgan Securities LLC | Southern district of new york | berger montague pc | Financial Services | Cash Sweep+3 | View |
| Jan 5, 2026 | Fermi inc. Salvatore Lupia v. Fermi Inc. | New York Southern District Court | Glancy Prongay & Murray Llp | Financial Services | Cash Sweep+3 | View |
| Nov 24, 2025 | Bloom energy corporation Roberts v Bloom Energy Corporation et al | Northern District of California | Levi & Korsinsky | Financial Services | Cash Sweep+3 | View |
| Oct 23, 2025 | Progenity inc now biora therapeutics inc Soe v Progenity Inc et al | Southern district of california | Glancy | Financial Services | Cash Sweep+3 | View |
| Oct 23, 2025 | Progenity, inc. Soe v Progenity Inc et al | southern district of california | Glancy | Financial Services | Cash Sweep+3 | View |
| Sep 29, 2025 | United states oil fund lp In re United States Oil Fund LP | Southern district of new york | bernstein litowitz berger & grossmann llp | Financial Services | Cash Sweep+3 | View |
| Sep 22, 2025 | The bank of new york mellon corporation WALDEN et al v THE BANK OF NEW YORK MELLON CORPORATION | Western district of pennsylvania | berk law | Financial Services | Cash Sweep+3 | View |
| Sep 19, 2025 | Mml investors services, llc Jabari Phillips v. Mml Investors Services, Llc | Massachusetts District Court | Lynch & Pine Attorneys At Law, Llc | Financial Services | Cash Sweep+3 | View |
| Sep 11, 2025 | Sandridge Energy Inc. Duane and Virginia Lanier Trust v Sandridge Energy Inc et al | Western district of oklahoma | Farha Law | Financial Services | Cash Sweep+3 | View |
| Aug 15, 2025 | Morgan Stanley John A Mansour v Morgan Stanley et al | Eastern District of Texas | Not specified in the provided information | Financial Services | Cash Sweep+3 | View |
| Jul 4, 2025 | Stifel Financial Corp. Amanda Dell, Joshua Thompson, Lamar Vaughn-Nolden, Michael House, and Michael Madras v. Stifel Financial Corp., The Board of Directors of Stifel Financial Corp., The Stifel Investment Committee, and J | Missouri Eastern District Court | Fortmanspann | Financial Services | Cash Sweep+3 | View |
| Jun 23, 2025 | Allbirds, Inc. Shnayder v Allbirds Inc et al | Northern District of California | The law firms representing the plaintiff are not specified in the provided information. | Financial Services | Cash Sweep+3 | View |
| Jun 18, 2025 | Stifel, Nicolaus & Co., Inc. Rita Ann Clifford v. Stifel, Nicolaus & Co., Inc. and Stifel Financial Corp. | Missouri Eastern District Court | Simmons Hanly Conroy Llp | Financial Services | Cash Sweep+3 | View |
| Jun 10, 2025 | Edgeco Holdings, L.P. Richard Witchko v. Edgeco Holdings, L.P., Newedge Capital Group, LLC, Newedge Securities Inc., Newedge Securities, LLC, And National Financial Services LLC | Pennsylvania Western District Court | Law Office Of Alfred G. Yates | Financial Services | Cash Sweep+3 | View |
| May 30, 2025 | Royal Bank Of Canada Regis J. Moeller v. Royal Bank of Canada and RBC Capital Markets, LLC | New York Southern District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| May 21, 2025 | Ibotta, Inc. Quinton Valentine v. Ibotta, Inc. | Colorado District Court | Shuman | Financial Services | Cash Sweep+3 | View |
| May 16, 2025 | Rent the runway, Inc. Sharma v Rent the Runway Inc et al | Eastern district of new york | No information available | Financial Services | Cash Sweep+3 | View |
| May 5, 2025 | Stifel Financial Corp. Jeb D. Sloan v. Stifel Financial Corp. et al. | Missouri Eastern District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| May 5, 2025 | Robinhood Markets, Inc. Sean Deeney v. Robinhood Markets, Inc. | California Northern District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| Apr 23, 2025 | Wells Fargo In Re Wells Fargo Cash Sweep Litigation | Northern District of California | Information not provided | Financial Services | Cash Sweep+3 | View |
| Apr 17, 2025 | Ibotta, Inc. Matt Fortune v. Ibotta, Inc. | Colorado District Court | The Rosen Law Firm | Financial Services | Cash Sweep+3 | View |
| Apr 4, 2025 | Charles Schwab & Co. Inc. Abraham Atachbarian v. Charles Schwab & Co. Inc. | Superior Court Of The State Of California For The County Of Los Angeles | The Burke Law Firm and The Grant Law Firm | Financial Services | Cash Sweep+3 | View |
| Mar 14, 2025 | Stifel Financial Corp. Briarwood Investments, Inc. v. Stifel Financial Corp., Stifel, Nicolaus & Company, Inc., and Stifel Bank & Trust | Missouri Eastern District Court | Robbins Geller Rudman & Dowd Llp and Abraham Fruchter & Twersky Llp | Financial Services | Cash Sweep+3 | View |
| Mar 14, 2025 | Charles Schwab & Co. Inc. Abraham Atachbarian v. Charles Schwab & Co. Inc. | Superior Court Of California | The Burke Law Firm | Financial Services | Cash Sweep+3 | View |
| Mar 6, 2025 | Oscar Health, Inc. Carpenter v Oscar Health Inc et al | Southern District of New York | Glancy Prongay & Murray Llp | Financial Services | Cash Sweep+3 | View |
| Feb 25, 2025 | Bank of America Corporation James Bertonis v. Bank Of America Corporation And Merrill Lynch, Pierce, Fenner & Smith Incorporated | New York Southern District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| Feb 13, 2025 | E*Trade Securities Llc Kevin Smith v. E*Trade Securities Llc, Morgan Stanley Smith Barney Llc, Morgan Stanley & Co. Llc, and Morgan Stanley | New Jersey District Court | Seeger Weiss Llp | Financial Services | Cash Sweep+3 | View |
| Feb 6, 2025 | Neumora Therapeutics, Inc. Annie Chang v. Neumora Therapeutics, Inc. | New York Southern District Court | The Rosen Law Firm | Financial Services | Cash Sweep+3 | View |
| Jan 29, 2025 | Pnc investments, llc Marlene Dehner v. Pnc Investments, Llc; And Pnc Financial Services Group, Inc. | Pennsylvania Western District Court | Kopleowitz Ostrow Ferguson Weiselberg Gilbert | Financial Services | Cash Sweep+3 | View |
| Jan 23, 2025 | Bank of America Corporation Brian Taylor v. Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated | New York Southern District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| Jan 15, 2025 | Td ameritrade, inc. Djakarta A. Jacobs v. Td Ameritrade, Inc., and Td Ameritrade Clearing, Inc. | Nebraska District Court | Jacobson Phillips | Financial Services | Cash Sweep+3 | View |
| Jan 10, 2025 | Figs, Inc. Sean Ryan v FIGS Inc et al | Central district of california | The law firms representing the plaintiff are not explicitly mentioned in the provided information. | Financial Services | Cash Sweep+3 | View |
| Jan 7, 2025 | Morgan Stanley James Bertonis v. Morgan Stanley | New York Southern District Court | Johnson Fistel | Financial Services | Cash Sweep+3 | View |
| Jan 1, 2025 | Ameriprise Financial Inc. Frank R. Tripson v. Ameriprise Financial Inc., Ameriprise Financial Services, Llc, and American Enterprise Investment Services Inc. | Minnesota District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| Dec 25, 2024 | Td ameritrade, inc. Richard Masud v. Td Ameritrade, Inc. and Td Ameritrade Clearing, Inc. | Nebraska District Court | Shamis & Gentile | Financial Services | Cash Sweep+3 | View |
| Dec 20, 2024 | Morgan Stanley Neal Gagner, Individually and on Behalf of All Others Similarly Situated v. Morgan Stanley, Morgan Stanley Smith Barney LLC, and E*TRADE Securities LLC | New York Southern District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| Dec 13, 2024 | Jpmorgan chase & co. Hasan Abbas v. Jpmorgan Chase & Co. and J.P. Morgan Securities Llc | New York Southern District Court | Robbins Geller Rudman & Dowd LLP | Financial Services | Cash Sweep+3 | View |
| Dec 11, 2024 | Jpmorgan chase & co Nancy Mcnamara v. Jpmorgan Chase & Co., J.p. Morgan Securities Llc, And Jpmorgan Chase Bank, N.a. | New York Southern District Court | Dicello Levitt Llp | Financial Services | Cash Sweep+3 | View |
| Dec 11, 2024 | Raymond James Financial, Inc. Kimberly Cunningham, As Conservator Of The Patricia M. Freeman Ira v. Raymond James Financial, Inc., Raymond James Trust Company Of New Hampshire, Raymond James & Associates, Inc., And Raymond James F | Florida Middle District Court | Edelsberg Law | Financial Services | Cash Sweep+3 | View |
| Dec 4, 2024 | Pnc investments, llc Ahmed M. Hegazy v. Pnc Investments, Llc, Pnc Financial Services Group, Inc., And National Financial Services Llc | Pennsylvania Western District Court | Kopelowitz Ostrow P.A. | Financial Services | Cash Sweep+3 | View |
| Nov 22, 2024 | Wells Fargo & Company Michael Christner v. Wells Fargo & Company and Wells Fargo Clearing Services, LLC | New York Southern District Court | Robbins Geller Rudman & Dowd Llp | Financial Services | Cash Sweep+3 | View |
| Nov 13, 2024 | Merrill Lynch Robert J. Campton Jr. v. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Managed Account Advisors LLC, and Bank of America Corporation | New York Southern District Court | Carella Byrne Cecchi Brody Agnello P C | Financial Services | Cash Sweep+3 | View |
| Nov 1, 2024 | Ubs financial services inc. Goldsmith v UBS Financial Services Inc | Southern District of New York | Bernstein Litowitz Berger & Grossmann Llp | Financial Services | Cash Sweep+3 | View |
| Nov 1, 2024 | Ubs financial services inc. Goldsmith v UBS Financial Services Inc | Southern District Of New York | Bernstein Litowitz Berger & Grossmann Llp | Financial Services | Cash Sweep+3 | View |
| Oct 25, 2024 | Robinhood Markets, Inc. Basudeb Dey v. Robinhood Markets, Inc. | California Northern District Court | Kessler Topaz Meltzer & Check, Llp | Financial Services | Cash Sweep+3 | View |
| Oct 24, 2024 | The Charles Schwab Corporations David M. Morris v. The Charles Schwab Corporations and Charles Schwab & Co., Inc. | Florida Middle District Court | Edelsberg Law | Financial Services | Cash Sweep+3 | View |
| Oct 14, 2024 | Ameriprise Financial, Inc. Ted Lourenco v. Ameriprise Financial, Inc. | California Central District Court | Kopelowitz Ostrow Ferguson Weiselberg Gilbert | Financial Services | Cash Sweep+3 | View |
| Oct 11, 2024 | Wells Fargo & Co and Wells Fargo Clearing Services Brickman Investments Inc. v. Wells Fargo & Company and Wells Fargo Clearing Services, LLC | New York Southern District Court | Robbins Geller Rudman & Dowd LLP and Abraham Fruchter & Twersky LLP | Financial Services | Cash Sweep+3 | View |
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