LPL Financial Cash Sweep Class Action Lawsuit Investigation

On August 20, 2024, our firm filed a class action lawsuit against LPL Financial alleging it breached its fiduciary duties and contractual obligation to clients by putting their uninvested cash in sweep accounts that pay “low and unreasonable rates of return.”

LPL Financial advisory client?

Gibbs Law Group has filed a class action lawsuit on your behalf.

LPL Cash Sweep Class Action Lawsuit for paying unreasonably low interest rates

Our firm filed a class action lawsuit following allegations that LPL Financial customers were being automatically enrolled in cash sweep accounts instead of options that might have offered them better returns. Our lawsuit alleges that deposit accounts in the LPL Sweep Program have historically had very low rates of return; for example, from 2022 through August 2024, the rate of return ranged from 0.16% to 0.35%, today. In contrast, LPL has earned significant net interest income from its cash sweep program, at the expense of clients.

What is a Cash Sweep Account at LPL Financial?

A cash sweep account is a bank account that automatically moves cash funds between accounts to minimize risk and maximize returns. If you have an account with LPL Financial, then you may have a cash sweep account. LPL Financial bank deposit sweep programs are referred to as the “ICA Program” or “Insured Cash Account Program,” and “DCA Program” or “Deposit Cash Account Program” according to its website. ”

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How do I Join an LPL Cash Sweep Class Action Lawsuit?

If you have an account with LPL Financial, then you may have been impacted by this. Fill in your information in the form below if you would like to be on our email list for potential future updates on this case.

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About Us

Gibbs Law Group is a California-based law firm committed to protecting the rights of clients nationwide who have been harmed by corporate misconduct. We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world’s largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and California employment lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”