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JPMorgan customers can sue over low rates on cash sweeps, US judge rules
Reuters· 2026-02-13 15:55
NEW YORK, Feb 13 (Reuters) - JPMorgan Chase (JPM.N), opens new tab must face part of a proposed class action lawsuit accusing the largest U.S. bank of paying brokerage and retirement account holders near-zero interest rates instead of market rates on their idle cash, a federal judge ruled. Customers alleged that the Cash Sweep programs in which they were automatically enrolled "siphoned billions of dollars in net interest income," by paying artificially low 0.01% to 0.03% interest even as the federal funds ...