U.S. Bancorp Investments – Cash Sweep Program Lawsuit 

Brokerage and investment firm U.S. Bancorp Investments has an obligation to pay its brokerage customers interest rates on cash sweep deposits that track the overall market. But U.S. Bancorp may be paying  unreasonably low interest rates to customers with self-managed brokerage accounts.    

 

Gibbs Mura is investigating allegations that U.S. Bancorp Investments may have improperly profited from its cash sweep program by directing client funds into affiliated bank accounts that paid as little as 0.07% APR. These practices may have resulted in clients earning significantly less interest than they could have through alternative brokerage sweep options.   

A cash sweep account is an account that automatically moves, or “sweeps,” uninvested cash into interest-bearing accounts. If you have a brokerage account with U.S. Bancorp Investments, then you likely have a cash sweep account. U.S. Bancorp Investments refers to its cash sweep program as its “Bank Deposit Program,” which is a term that may show up on your statements.   

You may have a legal claim if:   

 

• You had/have a self-managed brokerage account with U.S. Bancorp Investments   

• Your account was opened before 2022 

• Your account remained open into 2022 and was still active at some point in 2023 or later 

In July 2025, a federal court appointed Gibbs Mura partner, Rosemary M. Rivas, and our firm to lead the lawsuit against PNC Investments LLC for depositing brokerage clients’ uninvested cash into a cash sweep program that was paying unreasonably low interest rates.   

 

Like PNC, U.S. Bancorp Investments has allegedly had a similar pattern of paying unreasonably low interest rates on its’ customer sweep accounts, and our class action attorneys plan to hold it accountable and seek damages for impacted investors.   

Gibbs Mura 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.”