Silver Law Group Investigating Banks For Failing To Pay Customers Highest Interest Rate For Money Market And Cash Sweep Accounts
Boca Raton, Florida – August 5, 2024 – Silver Law Group is investigating potential claims against banks that failed to pay their customers the highest available interest rates on customers’ money market and cash sweep accounts. In some cases, customers earning near 1% could and should have been earning upwards of 4%, costing customers millions, if not billions of dollars in the aggregate.
Investors with funds held in money market accounts and cash sweep accounts may have strong claims against their banks for steering them into lower-yielding accounts, while the banks pocketed the difference.
The past several years have featured surging interest rates. While some have capitalized on this high-interest environment and earned upwards of 4% on their cash in high-yield savings accounts and similar vehicles, some banks and brokerage firms steered customers’ savings into traditional money market and cash sweep accounts that earned far less. Doing so has caused millions of customers to lose out on substantial interest. This may have been a violation of the banks’ and brokerage firms’ duties to act in the best interests of their customers.
Our attorneys have spoken to accountholders who are victims of this misconduct. Accountholders are pursuing claims against their banks and investment firms for, amongst other things, breach of fiduciary duty, unjust enrichment, and breach of certain accountholders’ contracts with the banks.
Silver Law Group’s attorneys represent victims of misconduct in the financial industry in individual claims and class actions across the United States. If your bank wasn’t paying you the best interest rate on your cash over the past several years, or to find out if you may have a claim, our attorneys are happy to meet with you via phone or videoconference to discuss how we can help recover your losses.
Silver Law Group’s attorneys include former Wall Street defense attorneys with significant experience recovering financial losses through investment misconduct claims, class action lawsuits, and SEC whistleblower claims. If you would like a confidential consultation with a passionate and experienced attorney, call Silver Law Group toll free at (866) 981-8603 or email ssilver@silverlaw.com or visit us at www.securitiesfraudattorneys.com.
Banks and brokerage firms that may have failed to pay their customers adequate interest rates include, but are not limited to:
Contact Information:
Scott L. Silver, Esq.
Silver Law Group
4755 Technology Way, #205
Boca Raton, FL 33431
866-981-8603 (Toll Free)
www.securitiesfraudattorneys.com
Email: ssilver@silverlaw.com
