JPMorgan & Others Face Probe Over Interest in Cash Sweep Accounts

The legal scrutiny of how banks and brokerages treat their customers during high interest rates intensifies as the phase is drawing to a close. Many large U.S. banks are accused of deceiving clients to make profits of billions of dollars.JPMorgan & Chase (JPM) , Raymond James (RJF) , Morgan Stanley (MS) , Wells Fargo (WFC) and a few other banks and brokerage firms were sued for transferring clients' idle funds into sweep accounts with near-zero interest rates.Cash sweep accounts are intended to convert idle ...