Stifel Cash Sweep Class Action Lawsuit Investigation

Stifel allegedly gives clients low interest rates on uninvested cash while taking higher fees for itself.

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Gibbs Law Group is investigating a potential class action lawsuit on your behalf.

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Stifel Cash Sweep Lawsuits for Paying Clients Unreasonably Low Interest Rates

Brokerage and investment firm Stifel may offer unreasonably low interest rates to customers with cash sweep accounts. According to data from its website, Stifel pays 0.15% interest for cash sweep accounts with under $99,999, and up to 2% for accounts with over $2 million. In contrast, 2023 earning results indicate Stifel Bank has earned significant interest off of these accounts, potentially at the expense of customers.

While other brokerage firms have said that they intend to raise yields paid to sweep account customers—amidst regulatory scrutiny into their cash sweep practices — Stifel executives stated in a July 2024 earnings calls that it will not raise its rates, as reported by AdvisorHub.

What is a Cash Sweep or "Bank Deposit Program" Account at Stifel?

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 Stifel, then you may have a cash sweep account. Stifel uses various names for its cash sweep accounts:

Stifel Insured Bank Deposit Program

Automatic Cash Investment

Stifel Insured Bank Deposit Program for Retirement Accounts

Stifel Bank Insured Cash Sweep (ICS) Program

Many customers are automatically placed into these accounts, and don’t realize they’ve been put in one until they review their statements. If you’re not sure if you have a cash sweep account, we can help.

How do I Join a Stifel Cash Sweep Class Action?

If you have an account with Stifel, then you may have been impacted Contact us to discuss your rights and learn more about our investigation.

Stifel Bank Class Action Attorneys

Rosemary Rivas

Rosemary is devoted to obtaining justice for consumers in lawsuits involving claims of false advertising, defective products, and privacy violations.

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Dave Stein

Dave represents clients in cases nationwide, ranging from securities and financial fraud cases to product liability, privacy, and data breach suits.

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Rosanne Mah

Rosanne represents consumers in complex class action cases involving deceptive or misleading practices, false advertising, and data/privacy issues.

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Brian Johnson

Brian is passionate about holding businesses accountable when they mislead or abuse consumers, because consumer rights protects us all.

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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.”